The 200 million yuan (HK$186 million) Millennium Monument will provide centre-stage for the first time tonight when President Jiang Zemin heralds the New Year.
The spectacular new landmark in western Beijing will host a gala performance expected to be watched by millions of mainlanders on live state television.
Mr Jiang will ring in the new millennium by lighting an eternal flame at the monument at midnight.
Beijingers said the monument, shaped like a giant sundial, was similar to the four temples in city parks where ancient emperors prayed for good health and harvests for their people, a long life, peace and freedom from invasion by northern barbarians.
Celebrations in the capital are due to begin early this evening, with dancing, singing, drumming and other performances in Xidan, Wangfujing and Qianmen, the city's main shopping streets.
Establishments in those areas will stay open all night and public transport will run continuously.
Events at the monument start at 11pm. Half-an-hour later, 1,200 primary school students will blow the 'century bugle'.