The Olympic Games only span several days, but their economic impacts last years and can be quantified on the level of GDP.
　　Chen Jian, Secretary General of the Beijing Olympic Economy Research Association (OERA), noted that the Olympic economy essentially lasts nearly a decade, beginning in 2001 when China won the bid for hosting the 2008 Olympic Games and ending three years afterward.
　　He Zhenliang, Honorary Chairman of the Chinese Olympic Committee and member of the International Olympic Committee (IOC), has the following estimates:
　　The Olympic Games, on average, will add 1.7 percentage points per year to Beijing’s GDP. By 2007, Beijing’s GDP is expected to reach 600 billion yuan.
　　During this decade, the service sector in the city will experience an average growth of 13.7 percent per year, while growth in finance and insurance, tourism and exhibitions, commercial services and logistics is expected to average 10-14 percent. The number of new jobs created will reach 320,000 per year.
　　Of course, this new Olympic economy is a prime opportunity for investors.
　　
　　The Pie-Carving Contest Has Begun
　　
　　By JUMBO ZHANG
　　
　　Time is ticking by with less than two years remaining before the opening ceremony of the Beijing Olympic Games. Pre-games business activities, however, are already in full swing.
　　The Beijing 2008 Olympic Games budget is 290 billion yuan, and is primarily being spent on infrastructure. But the Olympic economy means much more than this. The extra demand created by the Beijing Olympic Games across all sectors is expected to total around 600 billion yuan.
　　Real estate and construction
　　The real estate industry is o ne of the big direct beneficiaries of the Olympic economy. Massive public construction projects such as stadiums, transport networks and environmental construction and improvement act as catalysts for the real estate market. The four most recent hosting cities have all seen price hikes in the property sector. The effect is less noticeable in Atlanta, but post-Olympics market prices in Barcelona, Sydney and Athens are all up more than 50 percent.
　　The Beijing property sector is currently experiencing a relatively moderate rise in valuations. From January to August, the prices of newly built commercial properties increased by 8.2 percent, while residential rates were up 10.7 percent. But Li Minyi, a professor at the Beijing Technology and Business University, warns against impulse buying in the midst of the Olympics run-up and advises buyers of the possible post-Olympic trough effect that may see property values slide.
　　Other sectors that are expecting to cash in on the Olympic boom range from hotels and serviced apartments to catering and many other tourism-related ventures. By 2008, it is estimated that Beijing will have 15,000 hotels, of which 800 will be star-rated, with 130,000 available rooms. Budget and theme hotels, as well as home-style hotels located near the Olympic venues, will find extra favor with travelers.
　　The construction sector is prospering. By 2008, Beijing will have up to seven metro lines plus another line directly servicing the Olympic Park. Businesses dealing in cement, glass and new building materials are set to benefit greatly. Meanwhile, all facilities and air-conditioning units installed in the Olympic Village will be powered primarily by geothermal heat, and hot water for showers and power for lighting will be supplied through solar and wind energy. Many small businesses will be provided with business opportunities in this market.
　　Tourist souvenirs: a massive market
　　Trading in mascots and other franchise items at the Sydney 2000 Olympic Games was valued at $500 million; sales of the Athens 2004 Olympic mascots-Athena and Phevos-totaled around $840 million. The sales outlook for the five Fuwa dolls that are the mascots of the Beijing Olympic Games is projected to be no less rosy than that of Athens.
　　Getting into the Olympic mascot and franchised souvenir business may be difficult for small businesses. But Du Wei, Vice Director of the OERA, advises companies to have a broader vision. In 2008, China will welcome an influx of over 100,000 athletes, officials and tourists, many of whom are likely to journey to the many tourist spots across China and buy local souvenirs along the way.
　　Cashing in on the Olympic Village and surroundings
　　The Beijing Olympic Games will also trigger demand worth 43.2 billion yuan in the logistics sector. Delivery of goods directly linked to the Games will account for 491 million yuan, of which tourism as well as retail and catering will represent 141 million yuan and 350 million yuan respectively.
　　Ru Yihong, professor at Beijing Jiaotong University, advises all Beijing businesses in the logistics sector to expand their services to cover all areas, hotels accommodating delegates and officials, the press center and the Olympic Village.
　　Meanwhile, Vice Secretary General of Beijing Leasing Association Yu Xiaomei believes that leasing services is an ideal sector for small businesses to help address the short- to medium-term need for use of goods during the Games period. The leasing market is valued at more than 20 billion yuan, half the size of logistics market but still substantial.
　　Specialized leasing opportunities include engineering equipment, broadcasting facilities, vehicle chartering, transportation, sports facilities and parking garages.
　　Insuring the athletes
　　The IOC, for the first time, took out “Olympics Cancellation Insurance” worth $170 million for the Athens 2004 Olympic Games, which covered the risk of games being postponed due to war, terrorism, earthquake or flood. An even greater opportunity, however, lies in personal accident insurance for athletes and visitors. The latter carries a higher chance of profitability.
　　National regulations rule that the minimum amount of personal accident insurance per traveler, payable by the travel agency, is as follows: 300,000 yuan per overseas traveler; 100,000 per domestic traveler. Travelers from developed countries tend to have a better grasp on the concept of personal insurance, usually choosing personal accident insurance with high compensation.
　　
　　By JUMBO ZHANG
　　
　　Small and medium-sized businesses need to learn to seek out a niche market. Where there is demand, there is always a market. But competition is tough and businesses must position themselves correctly to sniff out the right opportunities during the critical pre-Olympic run-up period. Five areas are particularly compelling: technology, food and beverage, construction, hospitality and handicrafts.
　　
　　Technology
　　
　　Du Wei of the OERA sees the Olympics as a platform of huge potential for technology companies. Small and medium-sized businesses are advised to pay particular attention to networking, security check technology and anti-forgery technology in terms of tickets and credentials of various kinds.
　　“Quite a number of technological applications have found practical uses, such as solar-powered vehicles, face recognition technology, environmentally friendly sanitary products and energy-saving air-conditioning, many of which were contributed by high-tech small businesses,” Du said.
　　
　　Food & Beverage
　　
　　This is certainly a huge market, but a wide variety of tastes need to be taken into account. Around 270,000 participants and 7 million spectators from 202 countries and regions are forecast to descend on Beijing for the Games, which add up to a lot of meals. “The availability of entertainment and recreational facilities around the Olympic Village, restaurants with a variety of dining choices and international-level sanitation facilities offer an enormous number of business opportunities,” said Du.
　　
　　Construction
　　
　　Many opportunities are available in the construction sector. The 2008 public bidding for sole suppliers and supporting suppliers for the Olympic Games, held at the Guangzhou Garden Hotel in June this year, revealed a sourcing plan valued at 2 billion yuan. Many of the winners were small and medium-sized businesses in the Pearl River Delta. Demand for items as small as high efficiency bulbs and as large as elevators is huge. Environmentally friendly and green products have a significant edge.
　　
　　Hospitality
　　
　　Now is the time to prepare for this sector. Opportunities abound. Service quality and branding can be improved to prepare for full-house occupancy that will send revenues soaring; and there is still a shortage of cheaper budget hotels.
　　
　　Handicrafts
　　
　　Experience from past Olympic Games proves that finely crafted souvenirs with strong local character are snapped up by tourists like hotcakes. There is likely to be a big market for items such as Hangzhou silks, Yunnan tapestries and miniature stadium models.
　　“It’s not necessary to get the qualification to produce Olympic souvenirs,” Du said. “As long as your products are of good aesthetic quality, embody an essence of traditional folk art, and are finely crafted and reasonably priced, you stand to have a good market.”
　　Wang Huamin, Deputy Director of the Beijing Industrial Olympic Economic Action Steering Committee, urges investors to widen their vision. “Articles carrying any connection to the Olympics and Olympic venues will be recognized as Olympic souvenirs,” he said. “Businesses may by all means play the Olympic card.”
　　

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