Beijing (6do encyclopedia)230510



Beijing, the capital city of the People’s Republic of China, is a thriving metropolis with a rich cultural heritage, spanning more than 3,000 years of history.

History

The earliest recorded history of Beijing dates back to 1045 BCE, during the Zhou dynasty. The city’s name, which translates to “Northern Capital,” reflects its status as the capital of six different dynasties throughout its long and complex history.

During the Mongol-led Yuan dynasty (1271-1368), Beijing emerged as an important center for trade and commerce, with a thriving market economy and numerous flourishing industries. The Mongol invasion brought significant changes to Beijing’s architecture, culture, and society, including the construction of the city’s most famous landmark, the Forbidden City.

After the Yuan dynasty, the city became the capital of the Ming dynasty, which lasted from 1368 to 1644. The Ming era saw Beijing develop into one of the most prosperous and culturally vibrant cities in the world, with numerous artistic, architectural, and intellectual achievements.

At the turn of the 20th century, Beijing played a crucial role in the development of modern China. It was the site of the May Fourth Movement, a student-led protest in 1919 that marked the beginning of the Chinese intellectual revolution. Beijing also served as the focal point of the Chinese Revolution in 1949, which led to the establishment of the People’s Republic of China.

Geography

Beijing is located in northern China, in the northeastern part of the North China Plain. It covers an area of 16,410 square kilometers (6,336 square miles), with the urbanized area accounting for approximately 3,287 square kilometers (1,267 square miles) of that total.

The city is situated at an elevation of about 44 meters (144 feet) above sea level and is surrounded by hills to the north, west, and northwest. The most well-known of these hills is Jingshan, which is located just north of the Forbidden City.

Climate

Beijing has a continental, temperate climate, with hot summers and cold winters. The average temperature in July, the hottest month, is around 26°C (79°F), while the average temperature in January, the coldest month, is around -4°C (25°F).

The city receives most of its precipitation during the summer months, with June, July, and August being the wettest months. Winter is generally dry, with occasional snowfalls.

Culture

Beijing is renowned for its rich cultural heritage, which includes many unique and distinctive art forms, cuisine, and traditions. The Beijing Opera is perhaps the most famous of these cultural treasures. This traditional form of Chinese theater combines music, dance, and martial arts into a colorful and engaging spectacle.

The city is also home to many important historical sites, including the Great Wall of China, the Forbidden City, the Temple of Heaven, and the Summer Palace. These landmarks are visited by millions of tourists each year and are a testament to China’s long and storied history.

Food

Beijing’s cuisine is famous throughout China and the world for its bold and flavorful dishes. Some of the most popular Beijing-style dishes include Peking duck, hot pot, and zhajiangmian, a noodle dish made with soybean paste and vegetables.

The city’s street food scene is also thriving, with many vendors selling traditional snacks like baozi (steamed buns), jianbing (Chinese crepes), and roujiamo (Chinese hamburgers).

Economy

As the capital of China, Beijing is at the center of the country’s political and economic power. The city has a well-developed and diversified economy, with a mix of traditional and modern industries.

The service sector is the largest industry in Beijing, accounting for approximately 80% of the city’s GDP. The city is also a major center for finance, technology, and telecommunications.

Tourism is another important sector for the city’s economy. In 2019, Beijing received over 300 million domestic and international visitors, making it one of the most visited cities in the world.

Transportation

Beijing has an extensive transportation network that includes buses, trains, and a subway system. The Beijing Subway is one of the largest and busiest subway systems in the world, with 22 lines and over 360 stations.

The city is also home to Beijing Capital International Airport, one of the busiest airports in the world. The airport serves as a hub for numerous domestic and international airlines.

Education

Beijing has a well-developed education system, featuring some of the best universities and research institutions in China. The city is home to several top-tier universities, including Peking University, Tsinghua University, and Renmin University.

Peking University, founded in 1898, is one of the oldest and most prestigious universities in China. Tsinghua University, founded in 1911, is another top-ranked institution in the city, known for its strong programs in science, engineering, and technology.

Conclusion

Beijing, with its rich cultural heritage, thriving economy, and world-renowned landmarks, is a city like no other. Its combination of history, modernity, and natural beauty make it one of the most vibrant and exciting places in the world.


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KPMG and PwC faulted by US regulator over Chinese audits

Financial Times

23-05-10 17:19


The US’ Public Company Accounting Oversight Board (PCAOB) has identified multiple deficiencies in audits carried out by KPMG and PricewaterhouseCoopers (PwC) in Hong Kong and mainland China. The Chinese arms of the accounting firms were subjected to the first inspections carried out under an agreement with China finalised late last year. Inspectors examined audits carried out by both KPMG Huazhen and PwC. All four audits examined carried out by KPMG Huazhen were problematic. Three out of four PwC audits were also found to be unacceptable. The PCAOB, which is tasked with overseeing auditors of US-listed firms throughout the world, has pledged to expand such examinations in future. A fresh round of inspections will include the audit firms which cover almost all the remaining 60% of US-listed Chinese stocks. KPMG Huazhen and PwC audit around 40% of such shares by market capitalisation.

https://www.ft.com/content/7bdb6f2a-6180-4286-9f83-a214d37a1d2e
High stakes for China in crackdown on foreign business

Financial Times

23-05-10 17:19


The editorial board of the Financial Times has warned that recent crackdowns on US consultancies operating in China could jeopardise economic globalisation as the delivery of basic information on potential acquisitions, Chinese partners or suppliers has become more difficult. China has said that state security services have raided several offices of firms, including Capvision and Bain. The US Chamber of Commerce has warned that Chinese scrutiny of American companies has risen “dramatically” and that visits from “men in black” have increased. China’s clampdown threatens to undo the recent charm offensive of Li Qiang, China’s second-ranked leader. Meanwhile, US and EU relations with China have remained strained. China yesterday said it would retaliate if new EU member state sanctions on eight Chinese companies, including two firms linked to forced labour practices in Xinjiang, were implemented.

https://www.ft.com/content/74e60f98-45f3-4ae2-81e5-0e533d26e449
Jimmy Lai’s Son Warns Western Firms on Hong Kong Reopening

Bloomberg

23-05-10 16:56


The son of jailed Hong Kong media mogul Jimmy Lai has warned western firms that Hong Kong is not a safe place to do business. The comments come as the city’s chief executive kicks off a push to try to lure more foreign investment, following the closure of Apple Daily, a popular pro-democracy newspaper Lai owned, and a series of arrests of high-profile figures. Lai was arrested following Hong Kong’s introduction of a controversial national security law giving the Chinese government more control over the semi-autonomous city. “If you want to know what can happen to any business in Hong Kong — at sort of just a command — I think that is a very good picture to look at before you make any decisions on these types of investments,” son Sebastian Lai told an event on media freedom.

https://www.bloomberg.com/news/articles/2023-05-10/jimmy-lai-s-son-warns-western-firms-on-hong-kong-reopening?srnd=next-china
Eskom chief visits China as South Africa seeks to shore up ailing power monopoly

Financial Times

23-05-10 16:19


Chinese officials have offered their help to South Africa as it faces rolling power outages. Eskom, South Africa's electricity provider, has been forced to institute blackouts of at least 6,000 MW per day due to breakdowns at coal power stations. Business in South Africa, meanwhile, has switched to Chinese solar panels and imported diesel for generators to survive the outages. Eskom chair Mpho Makwana has revealed that Calib Cassim, Eskom’s acting chief executive, has travelled to China with Pravin Gordhan, the minister responsible for South African state companies. Gordhan is reportedly there to resolve a dispute between a Chinese state company and Transnet, one of South Africa's state logistics groups, but there are also said to be talks regarding Eskom matters.

https://www.ft.com/content/b85ff3e1-389e-4625-b04a-39995fe111b1
US accounting regulator finds ‘unacceptable rate’ of shortcomings in mainland China audits

South China Morning Post

23-05-10 15:57


The Public Company Accounting Oversight Board (PCAOB) found an "unacceptable rate" of deficiencies as it audited mainland Chinese firms for the first time since striking a deal in August to gain access to audit records in Hong Kong and mainland China. The regulator found major problems in 75% of PwC's audits of US-listed mainland firms and 100% in those of KPMG Huazhen LLP in China. The findings will not affect the status of the roughly 170 mainland China firms listed on American stock exchanges.

https://www.scmp.com/business/banking-finance/article/3220122/us-accounting-regulator-finds-unacceptable-rate-shortcomings-mainland-china-audits