Beijing, the host of 2008 Olympic Games, will use the market to
finance the construction of all 18 new sports facilities and
affiliated projects, according to Liu Zhi, vice director of the
Beijing Municipal Development and Reform Commission. Liu is also
vice director of the Engineering Department of Beijing Organizing
Committee for the Games of the XXIX Olympiad (BOCOG).
The local government will use open bidding to select companies
to handle the overall financing, design, construction and operation
of the facilities. Such moves will reduce the risks of government
investment.
The Olympics Action Plan drafted by the Beijing municipal
government and BOCOG says that the construction and financing of
Olympics facilities must be guided by the government and follow
market practices. Construction of temporary sports facilities and
some extended stadiums are exceptions and will be funded by
BOCOG.
The National Stadium is one of the four Olympics facilities on
which construction has already begun.
The Beijing government is contributing 51 percent of the
investment in the National Stadium, entrusting the Beijing
State-owned Assets Management Company to run it. The remainder of
the financing was accomplished through global bidding.
The National Stadium is now owned by National Stadium Company
Ltd., which was jointly established by Beijing State-owned Assets
Management Company and CITIC. CITIC will own 30-year authorized
operation rights.
The National Stadium strategy sails off the old route of
government investment, operation and fiscal subsidy, and sets the
course for the construction and operation of future sports
facilities.
(China.org.cn by Tang Fuchun September 7, 2004)
