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1 (August 6, 2008)

handle is hein.crs/crsajxc0001 and id is 1 raw text is: Order Code RS22936 August 6, 2008 China's Economy and the Beijing Olympics Michael F. Martin Analyst in Asian Trade and Finance Foreign Affairs, Defense, and Trade Division Summary China will host the 2008 Olympic Summer Games from August 8 to 24, 2008. Most of the events will be held in the vicinity of Beijing, with selected competitions held in Hong Kong, Qingdao, Qinhuangdao, Shanghai, Shenyang, and Tianjin. Since the International Olympic Committee's decision in July 2001 to select Beijing as the host for the 2008 Olympics, China has spent billions of dollars for facilities and basic infrastructure in preparation for the international event. China anticipates that the 2008 Olympics will provide both short-term and long-term direct and indirect benefits to its economy, as well as enhance the nation's global image. However, the experience of past host cities and China's current economic conditions cast serious doubt that the Games of the XXIX Olympiad will provide the level of economic growth being anticipated. This report will not be updated. China eagerly awaits the commencement of the Games of the XXIX Olympiad on August 8, 2008 in Beijing. After seven years of preparations, China will host the preeminent sporting event of the year. In the words of Premier Wen Jiabao, the 2008 Olympic Summer Games provide an opportunity to demonstrate to the world how democratic, open, civilized, friendly, and harmonious China is.' In addition, much like the two previous Asian hosts for Olympic Summer Games - Japan in 1964 and Korea in 1988 - China views the 2008 Olympics as a showcase for its modem economy and a springboard for future economic growth. To the Chinese government, hosting the Olympics also signifies a turning point in its economic development. It provides an opportunity to begin the shift from an economy based on being the assembly platform for global manufacturing to one geared to providing goods and services for China's growing and prosperous middle class. The 2010 World Expo in Shanghai will be a similar opportunity to highlight China's economic progress. 1Lee M. Sands, The 2008 Olympics' Impact on China, China Business Review, July-August 2008.

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