Though Beijing has been a commercial center for more than 3,000 years and has served as China’s capital since the reign of Kublai Khan, the city continues to expand at a remarkable pace. As the first post-industrial metropolis on the Chinese mainland, Beijing now hosts over 21 million residents, ranging from migrant workers to executives of some of the world’s largest corporations.
After winning the 2008 Olympic bid, the municipal government invested more than $40 billion in infrastructure, transforming entire neighborhoods into office towers, hotels and residential complexes. Real estate values surged, particularly in the 1.5-square-mile Central Business District (CBD), where demand for premium office space remains high.
Centered around the Guomao area, the CBD is home to more than 70 percent of foreign-funded enterprises, 90 percent of foreign press offices and many embassies. The district has also become a hub for innovative entrepreneurs and fast-growing start-ups, supported by a growing community of Chinese and international venture capital firms.
Beijing World Trade Center III © Majian | Dreamstime.com
Rapid development in the CBD created modern landmarks such as China World Trade Center Tower III, the China Central Television headquarters and a Park Hyatt hotel. Despite a cooling real estate market in parts of the country, office space in Beijing’s CBD ranks among the most expensive globally, with premium rents reflecting strong corporate demand.
While China’s main stock exchanges are in Shanghai and Shenzhen, Beijing plays a central role in financial regulation. The city’s 40-block Financial Street holds more than half of the nation’s financial assets and hosts over 1,500 institutions, including the People’s Bank of China and major international banks.
In recent years Beijing has become a leading administrative base for multinational corporations. Last year it surpassed Tokyo in the number of Fortune 500 headquarters based in the city. Municipal leaders continue to court foreign multinationals to establish regional headquarters in Beijing.
Rapid growth has brought challenges, notably severe air pollution. In recent years, pollution levels have at times soared well above World Health Organization safety guidelines, prompting public concern and commitments from authorities to address the worst sources of emissions.
Much of the city’s industry has traditionally relied on coal, but Beijing has taken steps to convert coal-fired plants to natural gas and to reduce emissions as part of a broader national effort to combat pollution. Policies have included closing coal furnaces, cutting steel output and relocating heavy industry to neighboring provinces.
Beijing Capital Steel, long among the city’s largest employers and most significant polluters, has shifted much of its production to Hebei Province. Wholesale markets and other high-pollution or space-intensive businesses have also moved out of the urban core.
Since 2011, authorities have accelerated infrastructure and development in the regions surrounding Beijing to relieve population pressure and pollution in the capital. Many residents in these outlying areas still commute daily into Beijing for work, but municipal plans emphasize supporting high-end, creative and low-carbon industries rather than heavy manufacturing.
These changes reflect national goals to rebalance China’s economy away from heavy reliance on investment and exports toward a greater role for consumption and services. Even so, the central government continues to rely on investment in infrastructure and real estate to sustain targeted growth rates.
Affordable housing remains a priority in Beijing, with tens of thousands of units planned to come online in the near term. Authorities have also approved construction of a major new airport to relieve pressure on Beijing Capital International Airport, which remains one of the world’s busiest. For now, Beijing’s leadership appears prepared to use large-scale investment and planning to keep the city’s economy moving forward.
Things to Do in Beijing
Many visitors start their sightseeing at The Forbidden City, the sprawling imperial palace complex that served as the center of Chinese imperial power for centuries. With thousands of rooms, courtyards and halls, even a brief visit provides a vivid sense of the scale and splendor of imperial court life.
Overlooking the southern gate of The Forbidden City, Mao Zedong’s large portrait faces Tiananmen Square, the vast public plaza known for its historical and political significance. Visitors can watch the dawn flag-raising ceremony or, if they rise early, visit Chairman Mao’s Mausoleum to view his embalmed body.
Biking in a hutong © Grace0612 | Dreamstime.com
Bicycle rentals are common at hotels and guesthouses and are a popular way to explore the city’s hutongs—narrow alleyways that preserve aspects of traditional life. One scenic route is the Back Lakes area, where locals boat and fish in summer and skate in winter. Nearby, you can shop for local arts and crafts or take a Chinese cooking class.
The Temple of Heaven, south of Tiananmen Square, was once used for imperial ceremonies and sits within a large park featuring Ming-era architecture and marble altars. The Summer Palace, with its lakes, pagodas and gardens, offers a tranquil escape and pleasant walking paths, especially on warm days.
Modern architectural attractions from the 2008 Olympics are also highlights: the National Stadium (“Bird’s Nest”) and the National Aquatics Center (“Water Cube”) are striking examples of contemporary design. The Water Cube was later converted into a large water park, and the nearby CCTV Headquarters—nicknamed “Big Pants”—is another notable landmark for visitors in the Central Business District.
The Great Wall of China offers many visitor options. Badaling is the easiest and most visited section, but more remote stretches such as Simatai and Jinshanling provide steeper climbs and fewer crowds for travelers seeking a more adventurous experience.
National Aquatics Center, known as the Water Cube © Hupeng | Dreamstime.com
Checking In With Carl Setzer
Owner, Great Leap Brewing
How is the Beijing business climate for a Western entrepreneur?
The environment varies by industry and location, but China generally welcomes Western commercial investment that operates within the legal framework available to expatriates. Problems arise when foreign entrepreneurs misunderstand their legal protections or follow poor advice from partners seeking to exploit intellectual property or bend rules for personal gain.
What dining and nightlife spots should a first-time visitor make time for?
Classic choices include restaurants known for roast Beijing duck and popular nightlife venues, but Beijing’s culinary and nightlife scenes have diversified significantly. For a local experience, try a hutong restaurant that roasts a whole lamb over charcoal and serves it for carving at the table.
How has Beijing changed since you first moved here?
When I arrived, Beijing’s craft beer scene was minimal. By the time Great Leap opened in 2010, only a few craft beer outlets existed. Since then the market has grown quickly with many new bars and several local breweries, helping the city gain recognition as a craft beer hub.
Beijing: Just the Facts
Time Zone: GMT +8
Phone Code: Country code: 86, City code: 10
Currency: Renminbi (yuan)
Entry/Exit Requirements: U.S. citizens need a passport valid for at least six months and a visa to enter China; tourist and business visas are typically obtained in the traveler’s country of residence.
Official Language: Mandarin
Key Industries: Automobiles, chemicals, electronics, finance, household appliances, machinery, real estate, retail, tourism
Beijing Info to Go
Beijing Capital International Airport sits roughly 12 miles north of the city center. A taxi ride to downtown costs about $16 and takes 40 minutes to an hour, depending on traffic; be sure the driver uses the meter. The Capital Airport Subway Line offers a fast alternative, reaching Dongzhimen Station in about 20 minutes for a modest fare.
Where to Stay in Beijing
DuGe Courtyard Boutique Hotel Custom-made furniture, antique carpets and traditional lanterns create a courtyard-house experience evocative of historic Beijing. 26 Qian Yuan En Si Hutong, Dongcheng District $$$
Park Hyatt Beijing A prominent addition to the Central Business District, the 66-floor Park Hyatt offers impressive views and a rooftop pool. 2 Jianguomenwai Dajie, Chaoyang District $$$$
The Peninsula Beijing Renowned service and an exceptional spa make this a top luxury choice near the Forbidden City. 8 Goldfish Lane, Wangfujing, Dongcheng District $$$
Restaurants in Beijing
Capital M Australian- and Mediterranean-inspired dishes are served in lively surroundings overlooking Tiananmen Square. 2 Qianmen Pedestrian St., Dongcheng District $$$$
Li Qun Roast Duck Restaurant Tucked in a hutong courtyard, this family-run restaurant is a beloved spot for classic Peking duck. 11 Beixiangfeng Hutong, Zhengyi Lu, Dongcheng District $$
Yotsuba A small sushi counter where an experienced chef prepares authentic Japanese cuisine in an intimate setting. 2 Xinyuan Xili Zhongjie, Building 2, Chaoyang District $$$