A lot of people knew this city as Peking for much of its history. Beijing was once the capital of Imperial Chinese Dynasties. Many early innovations in writing, mathematics, and astronomy came from this region.
In recent history this was the capital of a fiercely communist state where poverty ran rampant, but today, Beijing has been transformed to a leading global city built on the foundations of trade & finance. More than 73% of its GDP comes from the service sector.
China’s economic boom has fueled Beijing’s growth as well as the growth of many other cities in the country. In the last 3 years, China has used more cement than the United States did in the last 100 years. Much of this went into creating cities that literally rose out of the sand overnight.
The government sparked this trade by state investment. Many of the largest companies in Beijing are state-owned enterprises. They have also given large loans and incentives to other businesses looking to setup a base in the country.
As the nation’s capital and one of its most diverse cities, Beijing is the hub for most tourism in China. It is where most of the multinational companies are located, and hence has a sizeable expat community from all over the world. The city is home to 41 Fortune Global 500 companies, second only to Tokyo, and over 100 of China’s largest companies are based in Beijing.
With the country’s ever increasing economic and political influence, Beijing will be sitting pretty for the foreseeable future. The county’s manufacturing abilities and vast supplies of natural resources promise to keep the juice flowing to this Quintessential Global City.