Ownership of pet dogs is soaring in China, spawning a market in care and accessories that could be worth as much as US$725m by 2008, state media reported. According to the Xinhua news agency China's population of pet dogs stands at about 150m, or one for every nine Chinese. Citing a report from the National Kennel Club of the China Animal Agriculture Association, Xinhua said the price of pedigree dogs is also skyrocketing, with many examples of dogs selling for more than US$120,000. Overall, the Kennel Club report said, China's pet economy could be worth up to US$1.81bn annually within a matter of years.