2008 Olympics to Test China's Market Economy: Expert

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Last updated at: (Beijing Time) Tuesday, March 05, 2002

2008 Olympics to Test China's Market Economy: Expert

The 2008 Beijing Olympic Games will test China's fledgling market economy, senior Chinese economist Li Jingwen said Monday.

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The 2008 Beijing Olympic Games will test China's fledgling market economy, senior Chinese economist Li Jingwen said Monday.

The economist said that market principles should be followed in the preparations for the Olympic games, which will take 280 billion yuan (34 billion U.S. dollars) investment in the coming seven years, create 700,000 jobs, and contribute about 1,4 trillion yuan (170 billion U.S. dollars) of output to the economy.

Much has been talked about the role of science and technology, environmental protection and culture, but little about market principles, he said.

He warned of possible negative impact of the games on the economy, including syphoning of investment from other areas and a drastic drop in investment after the Olympic Games.

He said creative ways should be explored to raise funds for preparing for the games through the market while efforts should be made to minimize investment risks through improved management.

Beijing has promised to invite bids for a number of major construction projects for the games.

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