Beijing, October 16 (Xinhua) — Title: The Transformation of Beijing’s Old Garment Market: A Decade of Renewal
Recently, I had the opportunity to explore Beijing’s “Tech Finance Hub,” a site undergoing remarkable transformation as it prepares to host the 2024 Financial Street Forum in just two days. This gathering is recognized in the industry as a benchmark for “China’s financial reform and development.” Influential guests from around the world will convene to discuss innovative pathways, methods, and scenarios that drive financial innovation.
As part of a series of high-quality development interviews in Beijing, I explored the stories of revitalization in the “Tech Finance Hub” and the surrounding areas.
Liu Lin, the former deputy director of the industry development department at the North Exhibition Command Center, recalls that ten years ago, this very building had narrow aisles filled with tiny stalls—just a couple of square meters each. Merchants bustled amid piles of clothing, shouting to customers speaking in diverse dialects. On busy days, the building attracted between 60,000 and 100,000 visitors.
Back then, the building, known as Sida Building, was home to around 3,000 shops, making it a pivotal part of the largest garment wholesale market in Northern China—the Beijing Zoo Garment Wholesale Market, commonly referred to as “Dongpi.”
According to the Xicheng District, the Dongpi market generated approximately 60 million yuan in annual economic benefits. However, the costs associated with managing surrounding issues like traffic and overcrowded housing exceeded 100 million yuan each year.
In 2014, the phased relocation of the Dongpi market began, and by 2017, the relocation efforts were completed. Early in 2018, the Beijing government decided to establish the Beijing Financial Technology and Professional Services Innovation Demonstration Zone, centered around what was once Dongpi. By January 2019, it received approval from the State Council to become a national-level financial technology demonstration zone—now known as “Tech Finance Hub.”
Today, the Wanjia TianDi Market has become the headquarters for leading cybersecurity firm Qihoo 360, while the Shijitianle Garment Wholesale Market has morphed into a finance technology center. Liu Lin often feels nostalgic when passing through this area.
Jin Xin, director of the Xicheng District Urban Management Committee, shared insights on how the area has changed over six years. The workforce decreased from 40,000 to just 10,000, while the number of resident institutions has reached 184, with registered capital exceeding 110 billion yuan. In 2023, it generated more than 1.5 billion yuan in taxes, a staggering 25 times the revenue before the Dongpi market’s relocation.
The transformation of Dongpi into the Tech Finance Hub reflects the city’s broader commitment to sustainable, high-quality growth. A similar transition is taking place about 15 kilometers southwest in the Fengtai District’s South Central Axis area.
At its peak, this area was famous as the Dahongmen business district, housing 45 markets and approximately 33,000 businesses, employing around 100,000 people, and drawing foot traffic of hundreds of thousands daily. By the 1990s, it was the largest distributing hub for garments and textiles in Northern China.
However, the dense crowds and congestion led to significant traffic and disorder issues. From 2014 to 2018, the 45 markets were systematically cleared.
As space opened up for new development, plans were made for the South Central Axis to include an international business district, cultural and technological park, a cluster of museums, and the Nanyuan Forest Wetland Park.
This August, the former Dahongmen Clothing Trading City saw its transformation into the Nanyuan International Cultural and Technological Park fully utilized. Over 270 high-tech enterprises have registered or signed contracts here, focusing on cutting-edge information technology and the metaverse sector.
An Jing, deputy director of the South Central Axis Administrative Committee, highlighted the successful evolution from a garment wholesale hub to a new business district, with numerous achievements. The Central Ballet Troupe’s expansion project will officially open next year, construction of the National Museum of Nature is set to begin this year, and plans for the Capital Planning Exhibition Hall are progressing well.
Heading south along the axis, one encounters the Nanyuan Forest Wetland Park, which now boasts thousands of acres of greenery. The park’s viewing platform opened to the public on May 1 this year, offering breathtaking views of a vibrant Beijing.
On October 16, the Global Ecological Governance (Nanyuan) Conference kicked off in Fengtai District, bringing together hundreds of guests to discuss collaborative efforts for a healthier ecological environment. During the conference, it was announced that the Capital Natural Experience Industry National Innovation Alliance’s secretariat will be based in the Nanyuan Forest Wetland Park.
