Capital was the core element of the North China Consortium and also the key factor to understand the nature of the North China Consortium objectively. Based on China's strong family culture, North China Consortium capital should be defined as "privileged family capital with bureaucrats and warlords at the core". It is capitalist in nature, but at the same time it has a strong "personal combination" attribute. The capital management of North China Consortium has such non-economic attributes as being privileged, power-controlled and feudal. It has long operated under privilege on a non-market basis to obtain excess profits. However, with the development of the market and changes in the political situation, by the end of the Beijing government of the Republic of China (1912-1928), the three major consortiums of Beijing-Tianjin Clique, Fengtian Clique and Shanxi Clique evolved towards different directions due to changes in their political status. They were respectively transformed in the direction of marketization; expansion of government and business capital; and nationalization. The North China Consortium phenomenon was a special form in the early stage of China's national capitalism under the economic and cultural background of insufficient market development and diehard persistence of official departmentalism consciousness. Its experience and lessons are worth learning.