Beijing Olympics Will Add RM48 Billion To China's Coffers.
No wonder every big nation wants to get into the Olympic Games hosting act. The money to be made is incredible. In the case of Beijing, a whopping RM48 billion!! Not only will the games add that much to the economy but will also boost its annual growth up to 12.3 percent at the peak of its preparation.
The Games will also bring an additional two million tourists including 300,000 foreigners to the Chinese capital, and they are estimated to spend a total of 7.7 billion yuan (RM3.5 billion) to boost hotel, catering, entertainment, transport and other services sectors. It is predicted that every domestic tourist will spend 1,200 yuan (RM545) and every overseas visitor will spend US$1,050 (RM3780) during their stay in Beijing.
So, the total additional revenue is estimated at nearly 7.7 billion yuan, China Daily on Friday quoted government statistician Pan Fan as saying. The gearing up for the Olympics will also see a rise of an annual average of 0.8 percent to Beijing's Gross Domestic Product (GDP) from 2004 to 2008.
Pan, who is in charge of economic surveys in Beijing under the National Bureau of Statistics, said new investments will boost GDP by another 1.03 percent this year, 1.14 percent in 2007 and 0.85 percent in 2008. "We estimated that between 2005 and 2007, when the Olympic investment reaches its peak, the average annual growth rate of Beijing's GDP will be 12.3 percent, at current prices," he added.
Nearly 80 percent of new investments for the Olympics would focus on postal and telecommunications, infrastructural facilities and to improve the environment. From 2004 onwards, the Olympics will pour 17.28 billion yuan into Beijing's construction industry and 5.45 billion yuan to the finance and insurance sectors.
The preparation of the Games is estimated to create 1.82 million jobs with more than a quarter in the construction industry followed by 130,000 jobs in wholesale and retail.
The peak of employment will come next year to fill 510,000 new jobs. About 430,000 are available this year and by 2008, there will be 372,000 opportunities.
Well I suppose when it comes to our turn to host the Olympics we too will be able to make astronomical profits. Right? Come on don't be so pessimistic. Malaysia sentiasa bolih!
The Games will also bring an additional two million tourists including 300,000 foreigners to the Chinese capital, and they are estimated to spend a total of 7.7 billion yuan (RM3.5 billion) to boost hotel, catering, entertainment, transport and other services sectors. It is predicted that every domestic tourist will spend 1,200 yuan (RM545) and every overseas visitor will spend US$1,050 (RM3780) during their stay in Beijing.
So, the total additional revenue is estimated at nearly 7.7 billion yuan, China Daily on Friday quoted government statistician Pan Fan as saying. The gearing up for the Olympics will also see a rise of an annual average of 0.8 percent to Beijing's Gross Domestic Product (GDP) from 2004 to 2008.
Pan, who is in charge of economic surveys in Beijing under the National Bureau of Statistics, said new investments will boost GDP by another 1.03 percent this year, 1.14 percent in 2007 and 0.85 percent in 2008. "We estimated that between 2005 and 2007, when the Olympic investment reaches its peak, the average annual growth rate of Beijing's GDP will be 12.3 percent, at current prices," he added.
Nearly 80 percent of new investments for the Olympics would focus on postal and telecommunications, infrastructural facilities and to improve the environment. From 2004 onwards, the Olympics will pour 17.28 billion yuan into Beijing's construction industry and 5.45 billion yuan to the finance and insurance sectors.
The preparation of the Games is estimated to create 1.82 million jobs with more than a quarter in the construction industry followed by 130,000 jobs in wholesale and retail.
The peak of employment will come next year to fill 510,000 new jobs. About 430,000 are available this year and by 2008, there will be 372,000 opportunities.
Well I suppose when it comes to our turn to host the Olympics we too will be able to make astronomical profits. Right? Come on don't be so pessimistic. Malaysia sentiasa bolih!
posted by The Malaysian. at 8/04/2006 03:59:00 PM
3 Comments:
Yeah, host it and scrathing head like athens how to utilised and maintain those expensive sport center.
Greece is one of country with the richest historical heritage. I doubt people will visit Bolehland because of the sport center.
I totally agree with Hamkachan, Yes we can hold the entire event in this RM490 million sports complex and elsewhere in 'Merry 'ole England' and claim huge success in hosting this Olympics.
And we don't even have to close/show the accounts to anyone.(remember the Commonwealth Games last here in Bolehland ?)
If we say who pocketed the money, then we must be prepared to be questioned by the cops for 'abusing' the right of 'free' speech!
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