If you want to see authentic China in Beijing without going to country side or hotungs, Wangfujing Street has it. This street is located at Wangfujing station using Line 1 of Subway.
This street has big name stores (with big bill boards), shopping malls and lots of people. Especially the side streets which sell street food are just amazing. Scorpion and Sea Horse are some of the common dishes but I just could not muster the courage to try them.
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The Beijing 2008 Olympics store was crowded and had some nice goodies. No bargaining there though 
You can also buy all sort of mementoes like magnet, playing cards, decoration pieces etc from in the side streets. And here you DO need to exercise your bargaining skills.
A complete album is available here: