Olympics 'will not be a big factor' in Chinese growth

19 August 2008

China's economy will not see a major boost from the Beijing Olympic Games, an expert has suggested.

Wang Yiming, who works at the National Development and Reform Commission, cited other "driving forces" as being behind the nation's GDP growth, Xinhua reports.

These include infrastructure investments, ongoing mass urbanisation and the comparatively high deposit rates currently being enjoyed in China.

"The Olympics will not become a watershed of China's economic development, as the fundamental factors that have supported China's economic progress in the past 30 years are not to change markedly," Mr Wang commented.

"Although the Olympic economy has contributed much to Beijing's economic development, the city's economy only accounted for 3.6 percent of that of the whole country.

"Besides, Beijing's venue and infrastructure investment only accounted for 0.55-1.06 per cent of China's overall fixed assets investment in the past four years."

The Beijing Olympics, the 29th such event of the modern era, comes to a close this Sunday.

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