Former Hong Kong senior banker and finance writer Wu Mingde analyzed that this year’s Beijing Winter Olympics‘ high spending would be a massive loss for China. It is not straight simple math; Wu discussed which groups of people will profit from this opportunity. 

Initially, the Chinese government said the competition would cost $3.9 billion. According to an investigation by Business Insider, the actual cost turns out to be approximately $38.5 billion, 24 times more than the reported sum given from China. 

According to Wu Mingde, enterprises that contract the major infrastructures are mostly state-owned. The corrupt system would take out a big part of the fund; it is one of the most expensive Winter Olympics in history, and the so-called “simplicity” is a distortion of facts and nonsense.

Officials went to jail after leading international events

Wu Mingde cited the corruption from the previous Olympics, Asian Games, and other sports competitions.

For the 2008 Beijing Olympics, Chen Xitong, chairman of the Beijing 2000 Olympic Games Bid Committee (BOBICO) and former municipal party secretary and mayor of Beijing, was sent to Qincheng prison for massive corruption.

Former Guangzhou Mayor Wan Qingliang was head of Guangdong province’s participation in the 2010 World Expo. Wan Qingliang was sentenced to life in prison on September 30, 2016. The prosecution accused Wan of taking some 111.25 million yuan ( about $16.5 million) in bribes personally or through an associate during the trial.

Yang Weize served as the president of the organizing committee of the 2014 Summer Youth Olympics in Nanjing. Following an investigation by the Central Commission for Discipline Inspection, on July 31, 2015, Yang was expelled from the Communist Party. On December 14, 2016, the Ningbo People’s Intermediate Court convicted Yang to 12.5 years in prison on bribery charges.

Huang Xingguo 黄兴国 became the executive director of the organizing committee as the 2017 National Games host in Tianjin. Huang was the acting secretary of the Tianjin Municipal Party Committee and mayor during the event. On September 25, 2017, the People’s Intermediate Court convicted Huang on bribery charges and sentenced him to 12 years in prison.

Wu Mingde stated that the chairpersons of the planning committees of all these significant events have the same ending after the bid. For the Winter Olympics now being held in Beijing, the organizing committee chairman is Cai Qi, secretary of the Beijing Municipal Committee and one of the 25 members of the Central Political Bureau.

Wu Mingde continued that it is unfortunate that using this information can tell these Chinese officials’ future, and where did that $38 billion go? It went to the pockets of these people.

Wu cited another data that the crime rate in the Chinese population is less than 1/10,000 ratio. But the corruption crackdown has summarized in more than 2 million personnel, from Politburo level to the lowest ranking party level, accounting for about 2 percent of the party.

As for the next trend of fighting corruption, Wu Mingde said that it all depends on the development of the situation before the 20th National Congress.

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