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From the editor-in-chief

Beijing's increasingly important role in the world economy was in evidence during the past month as the city played host to numerous high-level and well-attended meetings, forums and expositions.

In addition to the FORTUNE Global Forum - profiled in the Beijing This Month Special Supplement for the 2005 FORTUNE Global Forum, Beijing - sparks flew as some of the world's most highly esteemed economists addressed China's currency and textile trade issues from a point of view of the world economy at the Nobel Laureates Beijing Forum 2005, beginning at the Great Hall of the People on May 30-31. Nobel Laureate Robert A. Mundell, who recently became an official permanent resident of Beijing, led the defence of China's export and currency strategies. His argument, and those of other laureates, is detailed beginning on page 26.

Switzerland-based economist and management expert Professor Dr. Fredmund Malik reminds us that non-US economists, businessmen and managers have something different to offer Chinese businessmen and business thinkers. See his powerful comments on page 40.

An estimated US$6 billion in deals were made at the successful Eighth China Beijing High-tech Expo that concluded on May 27 according to Zhou Maofei, chairman of the China Council for the Promotion of International Trade Beijing Sub-council, but perhaps the biggest was the announcement that companies that "cluster" around global mobile telephone manufacturer Nokia have agreed to invest an additional US$300 million in operations at the Beijing Economic and Technological Development Area in Southeast Beijing. See details on page 22.

Of course, there was more, much more, taking place in Beijing during this period. Our "Cover Story" look into agricultural activities in Tongzhou District provides just one example (see page 14) that the economic transformation of this ancient capital city, led by development for the 2008 Beijing Olympic Games, is affecting every strata of life in the city. These benefits are being felt worldwide.

So read on and share with us our excitement about the economic and business events taking place in this magnificent city.

editor