Liu Qi, Secretary of the Beijing Municipal Committee of the Communist Party of China (CPC), at the city’s 10th CPC Congress said the economy of the Chinese capital will not slow down after the 2008 Olympic Games as investment and consumption will continue to soar.

He said, ‘There may be less construction in the downtown Beijing, but new construction will boom in satellite cities after the Games.’

He said Beijing’s per-capita gross domestic product (GDP) will rise to $10,000 after the Games from the current $6,000, which will greatly enhance people’s consumption capability.

‘Neither investment nor consumption will drop, thus the economy of Beijing will not decline in the post-Olympic period.’ That is what he said and the logic is interesting and credible.

Some media have reported that a bubble economy is being witnessed in the Chinese capital which has poured huge investment in real estate and other Olympic-dependent industries, which will become unnecessary after the Games.

Beijing’s GDP grew at an average rate of 12.1% over the past five years. Its GDP totaled RMB772 billion last year, and GDP per capita was $6,210.

Beijing now attracts about 3.9 million overseas tourists each year.
Source: People’s Daily Online