If you're going to do some shopping, you might want to stay at a hotel at or near Wangfujing Street. There's a Crowne Plaza on the street but I've personally not stayed there.
China World Hotel is a businessman's hotel and can get quite busy so service can sometimes get spotty. It is managed by the well-regarded Shangri-La Hotel group. Downside to this hotel is that there's really nothing to see within walking distance.
St. Regis is along the same street as China World. It used to be a Chinese hotel but converted to a St. Regis a few years back. Haven't stayed there yet so can't vouch for it.
I believe the Palace Hotel is managed by Peninsula. Good location. Mixed crowd (business and leisure).