Beijing declares large surplus from 2008 Olympics (Roundup)

Beijing - China on Friday said it made a surplus of more than 1 billion yuan (146 million dollars) from hosting the 2008 Olympic Games despite spending far more than its original budget. The Beijing Olympic Organizing Committee (BOCOG) had reported income of 20.5 billion yuan (3 billion dollars) and expenditure of 19.3 billion yuan by March 15, leaving a provisional surplus of nearly 1.2 billion yuan, the semi-official China News Service quoted the National Audit Office as saying. The auditors found 'no major problems of illegal or unauthorized use of funds', the agency said. The audit report said the Beijing Paralympic Games covered its costs, with income adn expenditure both totalling 863 million yuan. Sales of broadcasting rights, Olympic tickets and assets, plus sponsorship provided most of the income. Spending mostly covered the Olympic facilities, sports and communication equipment, accommodation and medical services, the report said. Total costs reached 19.5 billion yuan for 102 projects related to Olympic venues in Beijing and five other cities which hosted Olympic events. The spending included 11.8 billion yuan from central and local governments, and 1.1 billion yuan donated by overseas Chinese, the auditors said. The income and expenditure figures, which may not include some deferred costs of venue construction, were both far higher than those reported immediately after last year's games. Wei Zizhong, the former head of the Chinese Olympic Committee, said last August that officials had underestimated some costs, such as those for security, and had spent some 40 per cent more than the budgeted 1.6 billion dollars. Rising prices, especially for high-technology equipment, and shifting currency exchange rates also affected the budget, said Wei, who led the budget team for Beijing's bidding committee. China also spent an estimated 40 billion dollars on infrastructure and other projects to prepare Beijing for hosting the Olympics, building several new subway lines and roads, and cleaning up the city's notorious air pollution.