Beijing's wholesale market has dramatically evolved from a bustling center of vendors into a modern financial innovation hub, symbolizing the city's high-quality development and strategic urban planning.
Once a bustling wholesale market located in Xicheng District with over 11,000 vendors, the area was known for its congestion and logistical difficulties. In 2014, it began relocating vendors to make way for the development of a modern financial district.
According to management authorities, the most challenging issue during the large-scale relocation process was disputes over property rights.
Through a series of mergers, restructuring, and financing efforts, Xicheng District, once home to a bustling wholesale trade network, now boasts sleek office buildings filled with startups and financial enterprises. Despite an obvious reduction in its workforce - now just a quarter of what it was decade ago - the district's GDP has more than doubled.
A striking sculpture made from 1,000 hangers and 2,000 welding points now stands as a tribute to the vendors who once thrived here. Shaped like a mythological creature, this art work symbolizes both the district's past and its bright future as a hub for financial technology (fintech) and innovation.
Today, the area has become a magnet for tech startups and financial companies, offering rent discounts, tax incentives, and robust support for new projects. In 2021, Beijing Interstella Glory Space Technology, a commercial rocket company, established its headquarters here for the district's attractive business environment.
"In fact, the business environment is extremely important for companies. Additionally, for businesses that have plans for future listings, aspects such as specialized training and guidance for financing, as well as talent acquisition, are also crucial," said Cai Jingqi, a representative from the company.
To phase out non-essential industries and promote coordinated development across the Beijing-Tianjin-Hebei region, China's top economic planner introduced a three-year action plan recently, with 19 measures aimed at improving the business environment and supporting key sectors such as advanced manufacturing, cybersecurity, and financial services.