Night view of Beijing CBD, now home to many internationally known landmarks. [China Daily]

An area blending tradition and modernity, the Beijing CBD is home to several international financial institutions and media organizations.

Beijing citizens say the city boasts two important landmarks. The Imperial Palace demonstrates the region's glorious past, while the modern Central Business District (CBD) in Chaoyang illustrates its bright future.

Far from slowing down in the midst of the recent economic recession, CBD development has quickened.

The China World Trade Center Tower III, the tallest building in the nation's capital, was recently completed in the area. It will host the Beijing CBD International Business Festival, opening today.

Officials from global organizations, foreign embassies in China and leading experts of finance, mass communication and urban planning will take part in an international business and cultural exchange forum.

The landmark China World Trade Center complex is just a microcosm of CBD development, one of the city's windows to the outside world, said officials.

The area is often referenced as Beijing's Wall Street, and has attracted companies from around the world.

Statistical overview

The CBD is well known by locals as Beijing's Wall Street.

Global corporations currently account for 80 percent of rented office space in the CBD.

The district has more than 20,000 enterprises and 1,000 financial service providers and leading media organizations.

Around 200 top global business consulting companies, including PricewaterhouseCoopers, McKinsey and China International Capital Corp, have established offices in the area.

More than 150 Fortune 500 companies like Cisco, Hewlett-Packard and Samsung are attracted there to set up divisions.

The district boasts 70 percent of the city's overseas financial institutions and Fortune 500 enterprises.

More than half of Chaoyang's industrial added value, retail sales and tax income come from the CBD.

About 100 multi-national companies, including Shell, Toyota and GE, have set up their regional headquarters in the area, accounting for more than 80 percent Beijing's total.

The CBD has established partnerships with renowned universities and media including China Central Television, Beijing TV Station and People's Daily.

Sources of growth

Over the last decade, the Chaoyang district government has attached great importance to exploring new sources of economic growth and new ways to foster social harmony, said officials.

The CBD provides more opportunities for the development of international financing, high-end business services and mass media, they noted.

About 90 percent of overseas press offices in Beijing - including those of BBC, VOA, AP, AFP, Time magazine and the Wall Street Journal - are based in Chaoyang.

With its expanding electronics market, industrial parks optimization and infrastructure upgrades, the district's post-Olympics economy has brought about social return, said authorities.

The CBD highlights the culture of the nation, and improves Beijing's image, they added.

In coming years, a focus will be placed on enhancing CBD's traditional pillar industries including sales and business services.

Officials will also emphasize high-end markets, highlighting modern services, cultural and creative industries and high-tech sectors, with more attention on resources preservation.

Local government will try to set up a model of seeking new sources of economic growth, and build the district into a testing zone of world city with influential economy and culture and promoting the urban-suburb integration and social harmony.

They will establish an ecological tourism area, a development zone for emerging industries and an education and service cluster during the next Five-Year Plan (2011-15).

(China Daily October 28, 2010)