Markets to Bankroll 80% of Beijing 2008 Olympiad Cost

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Last updated at: (Beijing Time) Wednesday, December 26, 2001

Markets to Bankroll 80% of Beijing 2008 Olympiad Cost

Beijing 2008 Olympiad involves an aggregate cost of US$1.625 billion of which the greatest part will be from market development, "on top of some central and local appropriations to be made a major part about 80 percent of the money needed will come from markets."

2008 Olympic Games is sure to be held in Beijing, this leaves no doubt. But how about the money and costs to be covered? To this, Wang Wei, secretary-general of Beijing 2008 Olympic Games Organization Committee (BOGOC), specially gave a pointed reply in an exclusive interview with newsmen lately in Beijing. He said that on top of some central and local appropriations to be made a major part about 80 percent of the money needed will come from markets.

Wang Wei specifically told that Beijing 2008 Olympiad involves an aggregate cost of US$1.625 billion of which the greatest part will be from market development, a stupendous task to be accomplished without doubt.

By market development as was told by Wang is meant that all market operations relating to the use of 2008 Olympic Games' symbols, name, signs and image will be duly exclusively used with property rights to BOGOC for exchange of money, material, technology and performing of service. Money from market development refers mainly to revenue from selling off TV relay rights, money from donators both domestic and foreign as that from the International Olympic Committee, suppliers' donations and income, as well as those from licensed business, postage, souvenir business and thematic cultural activities. These also include those from Olympic torch relay, tickets and others to make a total of nine sources.

Selling off Olympic Games TV relay rights will be put exclusively under the control of the State Olympic Games Organization Committee and 49 percent of these will be given BOGOC. Under an agreement with the International Olympic Committee (IOC) the US NBC has already been granted the right for 2008 Olympic Games TV relay to help Beijing Olympiad with money. Meanwhile, BOGOC is to be given an appropriate amount of money from IOC's TOP. TOP has been conducted in every four years as a cycle according to which Beijing is to be at a time of the 6th cycle when 2008 Olympiad is to be held. From the 5th TOP there are already four major backers having gone into agreement with IOC as donators of the 6th cycle.

Wang Wei said that from IOC's selling off TV relay rights and TOP BOGOC will be in a position theoretically qualified for 1 billion US dollars to be used to cover its 2008 Olympic Games cost.

According to news reports from Xinhua, good pep work has already been under way for hosting 2008 Olympic Games in Beijing. Ten major topic "Olympic Games Operation Plans" have also been ready for new advances to be made in Beijing on the strength of full sails of the 2008 Olympic Games, going to be released and made publicly known early the coming year.

By People's Daily Online

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