It is expected that the Olympic Games being held in Beijing in 2008 will break even. That is at least the view according to the Chinese Olympic Committee vice president, Tu Mingde.
He is quoted as saying:
"My sense is that the Games will break even, but we're unlikely to make a lot of money. It's like having people over to dinner. The food may be not so expensive, but you need to select the right furniture, carpets, and so on."
Zhang Guiyi, a member of the legislature the National People's Congress, is also quoted as saying:
"We cannot afford an extravagant event."
There are other priorities, Beijing will spend an extra US$5.2BN on schools, hospitals, crop subsidies and other programs to help the poor living in the countryside.
$2.4BN will be spent on the construction of Olympic venues and $35BN on urban renewal. Projects include; new power, water and sewage treatment plants and the world's largest airport terminal.
Tu said:
"People have the impression that the government will provide all the money, and that's just not true."
The Chinese have a difficult balancing act; on the one hand they wish to show a proud face to the world when they host the Games, on the other they need to ensure that the issues relating to their domestic economic situation are addressed.
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