Chinese economy won”t be hurt after OlympicsAugust 18th, 2008 - 4:26 pm ICT by ANI
Beijing, Aug. 18 (ANI): China will not suffer from a “post-Olympic recession”, senior officials have said.
“The Olympic Games won”t be a watershed for China’’s economic growth,” Wang Yiming, vice-president of the Academy of Macroeconomic Research, said.
“The fundamentals propelling the country’’s economic development over the past 30 years will remain” even after the Games, The China Daily quoted him as saying further.
The country’’s economy grew 11.9 percent last year. But after the growth slowed to 10.1 percent in the second half of this year, it raised concern that the economy could suffer after the Games, which in some ways has acted as booster.
The direct impact of the Games has been limited because of the size of country’’s economy, Wang said.
China won the right in 2001 to host the 17-day event, and its economy has grown at an average rate of 10.5 percent since.
A number of factors, such as the nation’’s entry into the WTO and the Olympic-related investment boom, have boosted the economy and made it the world’’s fastest growing.
To prepare for the Games, Beijing spent about 13 billion yuan (1.89 billion dollars) to build sports facilities and 280 billion yuan to improve urban infrastructure. (ANI)