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From emerging market to global business hub
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17:42, August 08, 2008

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Business people from all over the world can be seen on the streets of the Beijing Central Business District (CBD). With international financial institutions, leading media organizations and high-end consulting firms establishing offices there, the Beijing CBD has become an important communications and business platform for China.

Some 117 Fortune 500 enterprises have established branches making the Beijing CBD the top business district in China of such trans-national corporations. As a result, its importance as a leader in the international financial industry is growing.

NASDAQ, the New York Stock Exchange, the Tokyo Stock Exchange and the Korea Stock Exchange offices in the Beijing CBD have facilitated the listing of Chinese enterprises in the world's major capital markets. The Swiss Re-insurance Company, the Munich Re Group and SCOR Group have upgraded the reinsurance service in the Beijing CBD. The presence of world-class banks such as Deutsche Bank, CitiBank, Standard Chartered Bank and HSBC has consolidated the position of the Beijing CBD as a global banking center.

By 2010, the Beijing CBD is slated to house the offices of 50 international financial companies. Some financial institutions will upgrade their representative offices into branches and into regional headquarters.

Besides the financial industry, the media industry in the Beijing CBD is also thriving. Till March this year, 1,559 enterprises have been established, accounting for 31.02 percent of the total enterprises in the district and bringing in revenues of more than 19 billion yuan ($2.75 billion).

A growing number of media organizations are entering the Beijing CBD. These include Phoenix TV, one of the most influential TV stations among Chinese people, the official Chinese government newspaper People's Daily, international news agencies such as Reuters, AP and AFP, foreign publications such as Time Magazine and the Wall Street Journal, and leading entertainment conglomerates such as Time Warner and Walt Disney. Major Internet companies including Alibaba and Yahoo have also established offices in the Beijing CBD. The new 8-billion-yuan CCTV towers will open for operation next year.

The Beijing CBD will have a service center for the creative industry, an information exchange center for the media industry, a trade center for TV and movie production, and a national publishing center and a distribution center for publications.

Along with financial and media organizations, the Beijing CBD also has 2,934 high-end consulting and service corporations, making up 60.3 percent of the total number of enterprises in the district.

The consulting and service corporations in the Beijing CBD include such top names as the strategic management consulting firm of McKinsey, the professional services firm PriceWaterhouseCoopers, the market survey company Gallup, the financial information and service company Dow Jones, the advertising firm Ogilvy, the real estate management company, CB Richard Ellis and the executive search firm, Korn/Ferry International.

To further improve this sector, the Beijing CBD will focus on attracting legal firms and more top corporations in accounting, human resources and advertising.

Source:Xinhua



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