Moody’s: Tourism big winner from Beijing Games
HONG KONG – Hosting the Olympics has raised China’s global profile, and the country as a whole, including its cities like Hong Kong, should benefit in the long run, according to Moody’s economist Sherman Chan.
The seemingly immense sum spent by China in preparing for the Games was partly borne by the private sector and will not be a fiscal burden for the government, Chan said.
The economist with Moody’s Economy.com put the total spending, directly or indirectly involved in the Olympics, at around US$42 billion.
The Beijing Organising Committee of the Olympic Games said it spent over US$2 billion as operation funds, and about US$40.8 billion in upgrading of municipal facilities.
Chan said the raising of China’s global profile “will help to boost tourism even after the Games end” and that “the enormous spending on infrastructure will improve the country’s long-term competitiveness”.
“Better airport facilities, subway networks, roads and recreational venues will all help to support continued rapid development,” she said.
In the short run, however, playing host to the Olympics would neither boost nor curb China’s growth in this year, Chan said.
There will be a surge in retail trade during the third quarter but much of this could be offset by the effect of special temporary measures enforced for the Olympics, she said.
Ian Jarrett
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