Beijing Olympics and economic development go hand in hand

Chen Jian gives the speech at the press conference.

Full coverage: Press conference on Beijing Olympics and economy

(BEIJING, August 21) -- Studies show that Beijing's economic growth can be attributed to the successful staging of the Olympic Games.

During a press conference held at the Main Press Center on Thursday morning, Mr. Chen Jian, executive president of the Beijing Olympic Economy Research Association (BOERA) briefed the press on economic studies carried out in Beijing that focus on the Olympics and economic growth. Established in November 2003, the BOERA is the only institute that specializes in the relationship between the Olympic and the economy.

The Olympics has propelled both economic and infrastructural development in Beijing. Since Beijing won its bid to host the 2008 Olympic Games, the city has had an annual growth rate of 12.1 percent according to statistics available between 2002 and 2007. This shows an increase of about 1.8 percent from the previous period, and according to studies conducted by the BOERA, 1 percent of this increase is directly related to the Olympics.

In 2001, Beijing's GDP per capita was $3,262 dollars (US), while in 2007, it reached $7,654 dollars (US), more than double the amount in 2001. This figure is expected to exceed $8,000 dollars (US) by 2008.

The face of Beijing has changed dramatically over the past few years, putting Beijing more on par with the word's top-tier cities. Significant resources have been invested in the infrastructure of the city including but not limited to: water and heating systems, information systems, environmental protection, and massive construction projects such as the new airport terminal.

The Olympics have also promoted a structural adjustment in Beijing's industrial layout. In 2007, the energy assumption per unit of GDP was reduced by 6.04 percent, compared to a reduction of 5.25 percent in 2006. City development is carried out by raising the regional industrial structure level, improving the infrastructure of Beijing and increasing cooperation between Beijing and its surrounding cities and regions.

Chen Jian noted that, most importantly, there will be a number of new investment hot spots after the Games are over. The Beijing economy will continue to be developed with emphasis on the high-tech, financial, culture, and service industries. Beijing's cultural industry had a growth rate of 23 percent in the first half of this year. As for civil construction, 200 kilometers of subway and light rail track were constructed this year. Another 50 kilometers of track will be added annually until the rail system comes to completion in 2015. Industries such as tourism, convention business, sports recreation, telecommunication, financial, and real estate industries will also be positively impacted by the Games.

To reduce post-Olympic risks the city created a carefully designed plan. Site selection and post-event utilization of the venues was thought out before beginning the construction of the venues. As a result, the new zones developed for the Olympics will be able to be put into use after the Games as event and sport venues.