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. Included in this figure is the expense of building or renovating 76 stadiums and sport facilities in the seven venues—Beijing, Hong Kong, Qingdao, Qinhuangdao, Shanghai, Shenyang, and Tianjin—at which events will take place. Given the experiences of past hosts of Olympic Summer Games and the current economic situation in China, many analysts believe the 2008 Olympics are unlikely to provide much of a stimulus—or much of a deterrent—for economic growth in Beijing or the rest of China. There are some possible unexpected economic benefits that might be attributable to the 2008 Olympics. It would appear that the potential gains that China may hope to acquire from hosting the Olympics will be mostly in its public image, prestige, and soft power.
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.