Beijing's hosting of the 2008 Olympic games will open a floodgate of opportunities for Asia-Pacific nations, who hope to reap the benefits from huge infrastructure and environment projects planned for China's capital.
Foreign investors are expected to flood over China's borders in the next seven years, drawn by the double lure of the Olympics and China's impending entry into the WTO. The Olympic win itself will offer millions of dollars in concrete new contracts as China's capital city gets a thorough makeover in order to host the world's biggest sporting event.
China has pledged to spend upwards of US$20 billion to remodel Beijing as a international capital for the Games.
Projects will include the construction of an Olympic village, improvements to transportation links and real estate developments to accommodate spectators who will descend on the city.
However, the biggest challenge will be a US$12 billion effort to rid Beijing of its choking air pollution.
These projects are expected to provide a bonanza for Chinese and foreign companies alike and countries around the region have been quick to put themselves forward.
Australia is one nation that stands to reap a bonanza from Beijing's win.
Environment Minister Robert Hill said many companies involved in the Sydney Games had already won major contracts in China as Beijing sought to upgrade its sewerage system, cut vehicle emissions, and minimize waste.
New South Wales state MP Henry Tsang, who acts as a special adviser to state premier Bob Carr on relations with East Asia, estimated Beijing's win could be worth up to US$3 billion to Australian industry as well as boosting investment and jobs in Australia.
But China will also reap some rewards from Australia, with an increase in the number of tourists.
Tour operator Helen Wong said a record 234,100 Australians went to China last year and this number would increase by 20 percent every year until 2008.
South Korea also believes it is well positioned to benefit from the Games in Beijing.
With China's annual economic growth likely to reach eight percent in the coming years, South Korea's exports to China are expected to increase 15 percent every year to top US$56.5 billion in 2008, the South Korean ministry of Commerce, Industry and Energy said. Bilateral trade is expected to hit US$100 billion in 2008, including US$46 billion in imports from China.
Taiwan's government and media welcomed Beijing's 2008 Olympic Games victory as a chance for the nation to ensure peaceful relations and improve business ties with China. A newspaper report said Taiwan businessmen in China would benefit from an estimated US$200 billion of business extended from the Games.
Despite their political rivalry, Taiwan authorities had supported China's bid.
Cash-mad Hong Kongers are also smiling from Beijing's win in the belief that the Games will lead to an economic bonanza in the former British colony which returned to Chinese rule in 1997.
Hong Kong Financial Secretary Antony Leung said Hong would undoubtedly benefit from its position as the main window to China, while Selina Chow, chairwoman of the Hong Kong Tourism Board, predicted a tourist influx into Hong Kong on the back of the Beijing Games.
Goldman Sachs analyst Fred Hu said Beijing's successful bid would help stimulate development in Hong Kong's tourism and transport services as well as in information technology and the stock market.
The faster the pace of economic growth on the mainland the greater the spillover effect on Hong Kong, as the territory "is a financial and service centre with a service-based economy which thrives on the expanded volume of economic trade and investment," Hu said.
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