Skip to comments.Beijing Earmarks $40 Billion to Get in Olympic Shape
Posted on 06/29/2005 2:41:12 AM PDT by Einigkeit_Recht_Freiheit
BEIJING Beijing plans to pump nearly $40 billion into a massive infrastructure building spree to make sure the city is ready to host the 2008 Olympics, state media said on Monday.
The groundwork building drive will dwarf Beijing's $2 billion Olympic operating budget and the $2 billion it has put aside for venue construction.
"Beijing will raise 320 billion yuan ($38.7 billion) from home and abroad for building 860 infrastructure projects before 2008 to facilitate smooth operation of the 2008 Olympic Games," Xinhua news agency said.
Over half the money -- 184 billion yuan -- would go towards expanding the Chinese capital's subway, light rail, highway and other transportation systems, Xinhua said.
Beijing is home to more than 2 million cars, and counting, and its crippling traffic jams have prompted much hand-wringing about transportation and air pollution during the Games.
The energy sector, struggling to keep up with skyrocketing demand, would be another big target in the spending spree, receiving 50 billion yuan, Xinhua said, quoting the China Construction News.
"Another 15.5 billion yuan will be used to dismantle 69 villages in the city proper," it said.
The report did not provide further details, nor did it say where people living in the dismantled villages would be moved, but many old "hutong" lanes and traditional courtyard homes are disappearing every year.
Earlier this month, hundreds of farmers protested in a Beijing suburb after being forced off their land and not offered compensation or resettlement to make way for the Shunyi Olympic Aquatic Park, the venue for 2008's rowing and canoeing competitions.
Investment in "water control" and environmental improvement projects would reach 34 billion yuan, Xinhua said.
Improving air and water quality in the heavily polluted city is key to the city's drive to be ready for the Games.
Oops, sorry, that was 1936 Germany. I am sure you can understand why I was confused.
Wonder what your thoughts are about this?
Have a good day.
I bet $25 Billion of that money has been earmarked to arrest and torture Christians.
Sounds like they might postpone the Taiwan invasion thingie.
I read the article and agree with the author. The energy issue is the most contentious of all, although other resources are extremely important, none has the potential to escalate into conflict like energy.
It is a return to the mercantilist rivaliries that waned during the 20th century.
IMHO, I think that we need a double pronged strategy in which the United States both confronts China and confonts its own addication to wasteful use of resources.
The first part involves diplomatically, but agressively checking the Chinese in their attempts to gain full control over strategic resources. As good capitalists, we should not outright refuse, but the rules of the game need to be equal on both sides.
On the second issue, America needs to take the technological lead to change the economic growth/resource use paradigm. For all those in tune with reality, it is obvious that our planet has limits to the amount of resources it can provide sustainably. To this point economic growth has always been coupled with increase use in resources. We need to change this and it can be done through technology and incentivised through innovative pricing mechanisms.
We will always need more energy, but there is a heck of lot that is wasted that could save a lot of money and perhaps even make America stronger.
Yeah--at least its $40B that they won't be spending on their military. It would be stupid if they were going to spend that much AND invade Taiwan before 2008. An invasion of Taiwan would no doubt put an end to their Olympic ambitions.
Thanks for the ping. And the very insightful link from the Weekly Standard! A must read for all!
It was posted on FR here http://www.freerepublic.com/focus/f-news/1432355/posts
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