The first thing commuters see when they arrive in Wangjing – a northeastern subdistrict of Beijing – is a fiberglass sculpture of a mother and baby panda placidly chewing on bamboo.
The gentle maternal tableau speaks to the former wholly residential nature of the area, but nowadays that homey image is somewhat misleading.
Around 20 years ago, the commuters were heading in the opposite direction. Wangjing, then nicknamed “Sleeping City,” was nothing more than a bedroom community – a place for workers to lay their heads at cheap rents after a hard day’s toil in the city. Although strategically placed between the airport and the CBD, there were few shops, hardly any restaurants and absolutely nothing in the way of big business in what was then considered a remote location.
Today, the district, which lies between the fourth and fifth ring roads that encase the city in ever-tightening loops, is a buzzing hive of established and striving tech companies. The area’s new profile, led by the likes of Sony, Panasonic, Daimler, Alibaba and Meituan-Dianping, is bringing in a full spectrum of lifestyle and entertainment outlets, in turn attracting a cosmopolitan and talented workforce.
Tech businesses first started to trickle into Wangjing in the early 1990s as the northwestern enclave of Zhongguancun, then regarded as Beijing’s Silicon Valley, became increasingly overpriced and oversaturated. Along with the newcomers came a gradual wave of international restaurants, bars and hotels.
Government attempts to smooth the path for businesses in China has seen the country rise by 32 spots (from 78 to 46) in the World Bank’s latest Ease of Doing Business report. With red tape and bureaucracy slashed considerably, setting up shop in the Middle Kingdom now takes only nine days – in theory.
According to a 2018 report by CB Insights, Beijing is on track to eclipse Silicon Valley as the world’s biggest start-up hub; the report adds that Beijing and Shanghai “lead among high-growth hubs for unicorns, mega-rounds and large exits. Company creation is accelerating.”
This story is from the May 2019 edition of Business Traveler.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 2019 edition of Business Traveler.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Train of Thought
As Amsterdam’s airport curtails flights because of environmental impact, KLM suggests that its passengers take to the rails
Entry Level
Why travelers are waiting weeks or even months to receive a new passport or renewal
Big Wheels
American Airlines offers a TSA-approved ground service between Philadelphia and surrounding airports
Le Bon Goût
Air France partners with Michelin-starred chefs for its new menus
First Glance
United unveils new high-end seats
Ring of Fire
In October and April, solar eclipses will dazzle the United States
Just Say Know
To improve mental health, learn new skills on the road—and have fun doing it
Rebalancing Act
How Finnair CEO Topi Manner led the airline through two external crises to bring it back on track
New Look
With industry innovations and a star-studded roster of clients, designer Peter Dundas is changing the shape of fashion
Food for Thought
The pioneering Spanish restaurant EI Bulli is transformed into a museum and culinary laboratory