Beijing Olympics’ budget - $ 3.9 billion US
The opening ceremony of the XXIV Winter Olympic Games will be held in Beijing on February 4 this year. According to economic data, the official budget for the Beijing Olympics amounts $ 3.9 billion.
As a matter of fact, the International Olympic Committee (IOC) traditionally finances part of the costs of organizing the Games. As a result, the IOC has allocated $ 880 million US to the 2022 Olympic Organizing Committee, which is part of the $ 3.9 billion US official budget.
Ticket sales were expected to generate about $ 118 million US. However, due to the pandemic, there are some restrictions on ticket sales, which, in turn, may also not provide the expected return.
Chinese officials have allotted $ 9 billion US for the construction of a high-speed railway for the Olympic Games.
In 2009, China intended to begin construction of a high-speed (350 km / h) railway from Beijing to Zhangjiakou in Hebei Province. Work began in 2014, before Beijing won the right to host the Winter Games (meaning the project would have been completed without the Olympics). Nevertheless, the Olympics was an important factor influencing the implementation of the Beijing-Zhangjiakou railway project.
In addition, 14 international (Coca-Cola, Intel, Alibaba, Toyota, Panasonic, etc.) and 45 local sponsors are involved in the Olympics.
Among the 45 local sponsors of the Olympics, there are China’s Sinopec and CNPC oil and gas corporations, China State Grid Corporation and China Three Gorges Corporation’s power grids, Yum China’s fast-food restaurant chain, as well as several Western brands - Snickers chocolate bars.
Surprisingly, the Winter Olympics have attracted 300 million Chinese to winter sports. According to the Chinese Winter Sports Regulatory Authority, by the end of 2021, the country will have built 803 ski resorts and 654 ice arenas.
Owing to snow scarcity in the region, 1.2 million cubic meters of artificial snow will be produced for the Olympics. It is estimated that it will cost about 600-700 thousand US dollars to create the required amount of snow.
