Xiushui Market, a major Beijing tourist attraction, was officially closed Thursday afternoon when a huge bucket of a forklift scooped down its red logo.

Thousands of people standing behind a warning line witnessed the demolition scene while dozens of pickup cameras were recording the last moment of the popular outdoor market, also known as Silk Street market.

Surrounded by foreign embassies and luxury hotels, the Silk Street market is described as the third best-known tourist destination in the national capital after the Palace Museum and the Great Wall.

It draws 100,000 shoppers a day, turning in more than 10 million yuan (1.2 million US dollars) of taxes annually from its sale of more than 100 million yuan (12 million US dollars) per year.

The market's administration announced at the end of last year to finally close the market because of the serious hidden dangers,leaving stall owners two weeks for selling their goods at reduced prices.

Since 1997, city officials have been trying to demolish the market due to concerns over fire dangers.

The news that Xiushui Market would be shut down was heard last July, said Zhao Long, who owned a stand in the street. "The administrators said this roadside market, the last of its kind in Beijing, was opened without the official permission of the urban planning and municipal engineering departments at the very beginning," he said.

"We have done a lot to save it, but failed," said Zhao.

While all the business people were reluctant to move, many domestic economists appealed to keep Xiushui Market as a window indicating the development of China's market economy though it had been accused of selling fake products.

With the demolition of the outdoor market, an indoor market that can accommodate three times as many stalls has taken shape.

However, most of the former stand owners worry about the prospect of the multi-story market as it no longer has the specialattractions of a roadside market.

Source: Xinhua