Since the founding of People's Republic of China, especially after China's implementation of reform and opening-up policy, the municipal government of Beijing has renovated the Wangfujing Street.

While inheriting traditions, many large commercial establishments have been completed here, winning Wangfujing the reputation as the Number One Commercial Street in Beijing. Along the 800-meter street are 10-odd shopping malls, each with its uniqueness, including the Beijing Department Store, Beijing Art & Craft Building, Muslim Tower, Beijing Foreign Language Bookstore, Sun Dong An Market, Oriental Plaza, and so on. It boasts an unmatched concentration of shopping malls in Beijing. A pedestrian street decorated with parterres, benches and statues has now been built here, which attracts hundreds of thousands to one million shoppers and visitors every day.