Beihai Park has no historical significance to it. It's merely a nice place for folks to go and relax. You can rent a boat and peddle around the lake, hang out at the local cafe, amuse yourself at the amusement park, or just hang out. There are some sculptures there for the art enthusiast. It's located in Central Beijing within walking distance of Tiananmen, Drum & Bell Towers, and the Forbidden City. It's a great place to go and hang out after you've worn out your feet walking the historical venues.