At this year's Athens Olympics, China surprised the world by coming second in the Olympic Medals table. Camilla Chen considers the implications for China 's fast-developing economy.
China 's strong showing at this year's Olympics was a source of great pride to the country, another demonstration that the world's most populous nation is able to play a leading international role. From a business point of view China 's entrepreneurs are also a growing source of pride as they build companies that are able to hold their own in an ever more competitive environment, while also creating jobs and paying taxes.
Let's draw an analogy. Assume for a moment that the entrepreneurs from the annual China Rich List comprise China 's team for an imaginary “Wealth Olympic Games.” In much the same way that China's performance at the Olympics in 1984 showed the world the best that China's athletes had to offer, so the initial China Rich List in 1999 (compiled by our researchers) showed for the first time what China's entrepreneurs are able to achieve. It aroused great interest overseas. The world was surprised to learn that it is possible for private fortunes to be created in an undeveloped Communist country.
The 2004 “team” is much stronger than before, with three people - Huang Guangyu, Chen Tianqiao, and Rong Zhijian - joining the elite billionaires club, perhaps the “Wealth Olympics” equivalent of a Gold Medal. Their success is much more than mere personal wealth, for it reflects the fact their businesses are now industry leaders, and an inspiration for generations to follow.
One major difference between the 1999 and 2004 “teams” is their level of public support. Probably the average Chinese would cheer the 2004 “team” much more enthusiastically than they had the 1999 “team.” The image of wealth is changing.
Money is being channelled into producing Olympic Gold Medallists at the expense of public sports facilities. This harks back to the days of the planned economy. When China rejoined the Olympic Games in 1984 it was emerging from the nightmare of the Cultural Revolution when all doors had been closed to the world. It needed to have something to feel proud of again in an international arena. Whilst these programmes have undoubtedly been a success, in terms of bringing in Gold Medals, there is growing public debate about whether these programmes are in the spirit of the Olympics. Whatever the result of the debate turns out to be, the fact that there is a debate at all is a sign of social maturing.
China 's Olympic champions should not have to rely on specialist programmes to turn them into Gold Medallists. In just the same way, as more and more industries are opening under the WTO agreement, businesses will be healthier and more stable if they can survive on their own, without needing government resources. The time has come to concentrate on building a fair and transparent platform for athletes and businesses alike.
