Don’t know what you consider recent, but I was there in late 2002.
Not only is everything inexpensive compared to the US, but almost everything is negotiable. If you like to haggle, you will do exceptionally well at most stores and street markets.
Eat where the locals eat for a more authentic experience, but be prepared for some surprises (chicken came with the heads, for example).
The street markets are an adventure. All manner of roots and spices for sale as well as shoes, linens and housewares. Street market food we saw included scorpion, rabbit, turtle and dog.
As for sights, you have to see the Forbidden City and the Great Wall (even though they’re touristy). Also, take a ferry to the Summer Palace and stroll through Old Beijing.
Have a great time.