Record-breaking Revenue at the Hangzhou Asian Games: A Closer Look at the Economic Impact

2023-10-08 01:15:39

The Hangzhou Asian Games/Shangzhao held the total revenue was only slightly more than 23 billion – News – Rti China Central Radio

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Time: 2023-10-08 09:15 News citation: Central News Agency Writing Editor: News Editor The picture shows the Hangzhou Asian Games award ceremony concierge, their movements are uniform. (Photo: Central News Agency)

The Asian Games in Hangzhou will conclude today (8th). According to official statistics as of the 5th, the total business revenue of this Asian Games is RMB 5.316 billion (approximately NT$23.7 billion). It is known as the highest ever, but compared with The preparation cost of investing more than NT$1 trillion is obviously beyond the means.

The Chinese media Guangming Daily reported on the 6th that Du Mengfei, deputy director of the Market Development Department of the Hangzhou Asian Games Organizing Committee, said on the 5th that as of now, the total market development revenue of the Hangzhou Asian Games and Asian Paralympics is 5.316 billion yuan, adding that this year’s The sponsorship revenue and sponsor scale of the Asian Games are the highest in the history of the Asian Games.

Du Mengfei said that the 5.316 billion yuan included 4.4178 million yuan in sponsorships from 176 companies in 118 categories, and the sales of licensed products such as mascots reached 760 million yuan.

However, according to a report by the Chinese media The Paper in June this year, Hangzhou City is preparing to host the Asian Games, investing 224.8 billion yuan (approximately NT$1.35 billion) from 2016 to 2020 to build infrastructure such as urban rail transit, Hangzhou West Railway Station, Xiaoshan International Airport Phase III, Asian Games venues, Asian Games Village, etc.

The Paper also reported that even if the venue construction is a direct investment for the event and should not be included in the indirect investment related to the Asian Games, even following deducting the expenses for venue construction, Hangzhou still invested at least 200 billion yuan in construction during the preparations for the Asian Games from 2016 to 2020. Urban infrastructure.

Guangzhou invested 109 billion yuan during the preparation period for hosting the Asian Games in 2010. In other words, the investment in the Hangzhou Asian Games was more than twice that of the Guangzhou Asian Games.

Because of this, it has raised questions regarding whether it is worth spending so much money to hold the Hangzhou Asian Games. According to a report by the British Broadcasting Corporation (BBC) in September before the opening of this major sports event, the people of Hangzhou expressed their opinion regarding the cost of more than 200 billion: “This money is best spent on ordinary people.”

According to a Voice of America (VOA) report also in September, Hong Kong current affairs commentator Liu Ruishuo believes that China organizes events with a focus on external publicity and internal economic benefits. Whether it wastes people and money is not an official consideration.

He said: “Such a Games cannot change the tone of the current mainland economy, but it is difficult to return to normal (recovery). Therefore, the Hangzhou Asian Games cannot solve the problems of ordinary people who cannot adapt to the current economic structure and living standards. It doesn’t interest them.”

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