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Magnet for mega companies
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17:32, August 08, 2008

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East of Tian'anmen Square is Beijing's "Wall Street", the thriving Beijing Central Business District (CBD).

Since its inception in 2000, CBD has played an active role in promoting China's business development. With 3.99 sq km of floor space, the district has attracted a large number of multinational companies seeking a good location to start their businesses in China.

"The local government has made it a priority to help Beijing CBD build a better environment for investment. We hope to make the district highly responsive to the pace of modern business development," a CBD Committee spokesman said. "A higher grade of service will help the entire city present a modern face to foreign investors."

In recent years, top corporations, international financial institutions, international media groups and various high-end professional service organizations have opened offices in the Beijing CBD.

"I have been incredibly impressed by how fast the Beijing CBD has developed. In the 13 years I have lived and worked here, this city has been truly transformed," Scott Kronick, president of Ogilvy Public Relations China Group, told China Daily recently. "The district represents the very best of Beijing, and I am honored to have witnessed this development from the very early days."

The growing number of multinational companies has led Beijing to upgrade its infrastructure. So far 45 roads have been improved. By the end of this year, more than 80 percent of construction projects of the Beijing CBD will be completed.

With the advent of the Beijing Olympic Games, the local government is promoting the Beijing CBD as an industrial development platform, with many cultural, entertainment and hotel facilities located nearby, including the Capital Library, Chaoyang Theater, Happy Valley Amusement Park, and Workers' Gymnasium. Top Chinese and international hotels located near the Beijing CBD include the Park Hyatt, the Ritz Carlton Hotel, the Sofitel Hotel, the Jianguo Hotel and China Resources Hotel.

"The Beijing CBD will increasingly play a significant role in connecting China to the global economy in the coming years," the CBD spokesman said.


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