Wanfujiang has boatloads of shopping. It is basically an old street that was closed off to traffic and now it is a pedestrian walkway the size of a street with lots of stuff to do. The Hyatt is just off Wanfujiang and is a nice hotel, I normally stay there. Also it is within easy walking distance to Forbidden City and Tianenmen Square (1 mile West). St. Regis is a bit to the East of the Hyatt, maybe 1 mile or so and is also a really nice hotel for slightly more $$$ than the Hyatt. It is closer to the "Silk Market" which is another place where Americans like to shop. Basically you haggle for cheap pirated (movies, clothes, shoes, watches, etc) stuff there. Really fun market to go to. You must go there if you go to China. I love going there. St. Regis is the opposite direction from the Hyatt as Forbidden City/Tianenmen, so its a longer walk but still doable. Great Wall Sheraton is up several miles to the NE (the PEK airport) from the other two hotels. Its also in a decent location for nightlife. A lot of expats hang out around there (Emabassys there as well as the Lufthansa Center). But its not walking distance to Forbidden City. Personally I like the Hyatt or St. Regis and would pick one of them, especially if you want to be near everything in the middle of the city.......