WHETHER YOU'RE ON CANAL STREET in New York City or Nanjing Road in Shanghai, utter the right brand name and you can be deep in the basement of a hair salon, snack house, or t-shirt shop in a room bursting with fake bags and watches. In China, however, it doesn't stop there: knockoffs are haggled over in open "fake markets," sold in malls with spinoff storefronts—Buckstar coffee, Pizza Huh, Hike—and hawked on Taobao, China's eBay, often for one-tenth of the price of the real product. Doing business in a country that tolerates counterfeits, knockoffs, and lookalikes can seem daunting, but with the right preparation, a brand can complete for real in the fastest-growing economy in the world.