Beijing Olympics Made $ 16 Million Profit?
It could actually be more, according to Jiang Xiaoyu, executive vice president of Beijing Organizing Committee for the Olympic Games. Jiang, a newly appointed deputy director of the Committee of Education, Science, Culture, Health and Sports of CPPCC, the country’s political advisory body, told press on May 4 that the Beijing Games made a profit of at least $16 million USD.
“The total spending of the Beijing Olympics is on par with that of the 2004 Athens Games. We’re able to exceed the original target as the sponsors were so good,” said Jiang, “the Games made a profit of at least $ 16 million USD after deducting $ 1.609 bn USD of spending from the income of $ 1.625 bn USD.”
The numbers don’t lie. But there’re a number of ways people count them. According to Xinhua, China’s state-run news agency, the Beijing Games cost at least a whopping $ 40 billion USD. The enormous bill included facilities building and renovating, related infrastructure projects, four new subway lines, a high-speed rail to Tianjin, Beijing’s neighboring city, and the largest airport terminal in the world. So only God knows where this $ 16 million USD profit came from.
- People’s Daily: Surplus of Beijing Olympic Games exceeds 16 million USD
- Xinhua: Beijing Olympics – China’s come-of-age show
- LA Times: Beijing goes to extremes for its Olympic face-lift
- WSJ China Journal: The $40 Billion Question: How Much Were Olympics Worth to China’s ‘Brand’?