The city of Salzburg, the capital of the Austrian province of Salzburg, is the fourth largest city in Austria after Vienna, Graz and Linz, with a population of around 153,000. It is located in the heart of Austria as well as in the heart of Europe and represents the gateway to the Alps. For centuries, the importance and wealth of the archbishopric was shaped by the salt trade, and the city's name is composed of salt and castle, reflecting this importance. In the past, Salzburg was an independent archbishopric and an important episcopal city. The architectural style of the old town is influenced by the baroque art of Italy, and the city has been called the Rome north of the Alps. The economic importance is mainly focused on tourism, culture, universities, industrial fair and numerous commercial groups. Salzburg attracts many companies and hidden champions; corporations such as Porsche, Palfinger, Sony, Red Bull, Liebherr, Atomic and Spar manage their international operations from Salzburg. The city is world famous as a city of art and culture, with the "Salzburg Festival" as an international cultural festival. The festival was founded in 1920 and attracts numerous guests to the cultural highlights every year at Easter, Whitsun and in summer. Since the signing of the Memorandum of Friendship in 2005 between Chaoyang Beijing and Salzburg, friendly contacts have existed and numerous mutual visits have taken place. Cooperation and lively exchanges have taken place in areas such as culture, education and business.