The Impact of the Olympics on China's Economy

While this may be too late of an analysis since the 2008 Olympic is two years behind us, we believe that it is still interesting (for those who are concerned) to know how the international sports event has shaped China's economy. With this, let us explore here the impact of the Olympics on the commerce and trade of the country before and after.

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When Beijing won the right to host the game, the country's annual economic growth in general has seen a rapid rise. The very obvious evidences of this are the major construction projects, which have not only provided over 430,000 jobs, but also created 130,000 new jobs in the retail and wholesale industry.

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During the year by which the Olympics was culminated, significant developments are observed. One of these is the massive improvement of the service industry, which in the past lagged behind in comparison to the cities in other developed countries. In 2008, China's service industry has reached about 70 percent of the total economy, and is continuously growing to this day.

Now, almost two years after the Olympics, China is looking forward to a more progressive future. It has safely avoided the post-Olympic economic downturn that host countries generally experience. And as a matter of fact, the sports event has made the country's economy even more robust and diverse. It has opened up the country to the rest of the world, driving up the surge in the number of businesses that are outsourcing their manufacturing process in the nation.