China’s Economy and the 2008 Summer Olympics

The 2008 Summer Olympics is definitely a big event in China, especially since this could be a chance for the Chinese government to catapult the nation into the international spotlight. Viewed by many Chinese citizens as a way for the Communist government to show other countries how much they have changed, the preparation for this year’s Olympics involved several infrastructural projects worth billions of dollars.

Billion-dollar Projects for the Summer Olympics

Some of the infrastructural projects that have caught the world’s attention included the expansion of Beijing’s airport and subway. Other construction projects involved the building of a new aquatics center and stadium. Plus, billions of dollars were also spent on logistical services and support that will be needed during the Olympic game son August 8-24, 2008.

Despite such huge expenses as part of the preparation for the 2008 Summer Olympics, the Chinese government is very hopeful that such an event will boost tourism. As a matter of fact, several meat producers and manufacturers of meat products are starting to feel the pressure. This is because restaurants and hotels in Beijing are stocking up in order to meet the demands of both local and foreign tourists who plan to stay in China for the Olympics.

Government Efforts to Put China back in the Map

Ever since China won the Olympic hosting bid, the government has become more determined to get into the international scene. International business ventures initiated by the Chinese government in 2007 included investments in Morgan Stanley and Blackstone. As a result of a billion-dollar venture, China increased its stake at Bear Stearns. Despite issues involving poor-quality Chinese products that have failed international safety standards, China is determined to place the nation on the map through billion-dollar ventures and projects.

Today, the Chinese economy continues to gain strength through its more open policies in terms of international investments. Moreover, the rise of the Chinese middle-class increases the people’s purchasing power. Along with the government’s plan to attract more tourists into China through its preparation for this year’s Summer Olympics, China’s economy is sure to experience more growth.

sources:
The Honolulu Advertiser
Public Broadcasting Service