The total income of the Hangzhou Asian Games in China has reached 1 trillion won, making it the largest ever for an Asian Games, local media including the Gwangmyeong Daily reported on Aug. 8.According to the report, the Hangzhou Asian Games Organizing Committee said the total income from the Asian Games and the Para Asian Games was 5.16 billion yuan (about $980 billion) as of Aug. 5.The main sources of income were 4.178 billion yuan ($82 billion) in sponsorships from 176 companies and 760 million yuan ($14 billion) in sales of licensed products such as mascots.
The organizers said the number of sponsors and the amount of money received was the largest ever for an Asian Games, but some critics said the amount of money received was too little compared to the amount of money spent to stage the Hangzhou Asian Games, resulting in a “poor value for money,” Taiwan’s Central News Agency reported .In June, Chinese media outlet Penghai reported that the city of Hangzhou invested CNY224.8 billion (USD41.5 trillion) between 2016 and 2020 to build direct facilities for the Asian Games, such as stadiums and athletes’ villages, as well as infrastructure such as urban railways.
“Although infrastructure construction is not a direct investment for hosting the Asian Games, the city has invested at least RMB 200 billion (about RMB 37 trillion) in building urban infrastructure for the Games,” the Pengpai newspaper analyzed at the time. This is more than double the total investment of Guangzhou, which hosted the 2010 Asian Games, which totaled 190 billion yuan (about 20 trillion won).
Some Hangzhou residents complained that “the huge amount of money spent on the Asian Games could have been better spent on the common people,” Taiwan’s Central News Agency reported.” 스포츠토토 When China organizes sporting events, it focuses on publicity and macroeconomic benefits, but does not consider whether the common people suffer hardships or suffer financial losses,” said Hong Kong current affairs commentator Liu Rui Xiao.
“A sporting event like the Asian Games cannot change the course of China’s economy,” he said. “The Hangzhou Asian Games cannot solve the problems of the common people, nor can it attract their attention.” The Hangzhou Asian Games, which kicked off last month with a record 12,500 athletes from 45 countries and territories, will conclude with the closing ceremony at 8 p.m. local time today.