This past Wednesday, customs officers in China announced the bust of a gigantic camera smuggling operation and the arrest of 14 suspects connected with the illegal transportation of $63.5 million worth of camera equipment. The smuggling ring has allegedly smuggled 60,204 cameras, 13,623 lenses, 483 flashes, 1,025 video cameras, and 348 projectors. Since camera equipment is much cheaper to buy in Hong Kong — 20% to 30% less — smugglers profit by sneaking the gear into mainland China (avoiding customs taxes in the process) and selling it through the gray market.

You can read more about it here but you have to use google translate from Chinese to English:

http://gcontent.oeeee.com/9/aa/9aa42b31882ec039/Blog/229/db1d42.html