The World Central Business District Network Summit will take place Friday in Beijing as part of the capital city's CBD International Business Festival.

Delegates from the CBDs of more than 20 cities and regions across the globe, including Paris, Montreal and Liverpool, will work out standards for CBDs, said Wu Guiyin, secretary-general of the festival's organization committee.

The rotating presidency for the World CBD Network is also expected to be handed to Beijing's CBD, the first CBD in China. Beijing's CBD, located in the east side of the city in Chaoyang District, now contributes half of the retail value of social consumption goods and tax revenue of the district.

"Beijing's CBD's nomination as the host city of the 2010 summit and the next presidency of the World CBD Network has shown the growth of its international influence and right of saying," Wu said. "China's booming economy has set a good tone for its further development."

The business festival, which begins Thursday and lasts until Nov. 7, will gather experts and government officials from around the world to discuss urban development and planning, as well as sustainable development and environmental protection.