Since its break from communism, Beijing has become one of the China’s industrial centers. It is the capital of China and its second largest city. Today Beijing ranks second only to Shanghai in industrialization, with highly developed machinery, textile, and petrochemical sectors. Agriculture also plays a significant role in Beijing’s economy, along with a rapidly growing service sector, consisting mostly of government agencies. The People’s Bank of China, the major institution in China’s centralized banking system, has its head office in central Beijing; other financial institutions in the city include major insurance companies, credit cooperatives, securities firms, and investment companies.