Special Report: 2008 Olympic Games
HONG KONG, Aug. 12 (Xinhua) -- 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, Moody's economist Sherman
Chan said Tuesday.
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
spendings, directly or indirectly involved in the Olympics, at around 42 billion
The Beijing Organizing Committee of the Olympic Games
said it spent over 2 billion U.S. dollars as operation funds, and about 280
billion yuan (40.88 billion U.S. dollars) in upgrading of municipal facilities.
China 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
"Better airport facilities, subway networks, roads
and recreational venues will all help to support continued rapid development,"
Public works built in preparation also benefited
cities like Hong Kong, one of the co-host cities, she said.
In the short run, however, playing host to the
Olympics will 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.
Nevertheless, there could be the loosening of the
labor market after the Games, as "jobs have been created over the past few
years," which will be a challenge, she said.
Larry Jiang, managing director of Guotai Junan Hong
Kong, also said the hosting of the Olympics will not be a boost to the economy
in the short run and, therefore, it is unlikely for China to suffer a
post-Olympics economic slowdown.