A quarter of the budget was spent on the Birds Nest, Water cube, Airport, Olympic village and other venues. The rest of the budget on upgrading city infrastructure such as communication, transportation, support, and technology. Many of which I presume would happen sooner or later and sped up due to the event.
I'm under the impression the money was well spent. It was an extravagant party for sure, but sometimes it's necessary to flaunt and celebrate when you can afford it :D
Aside from minor misdemaneours like Tibet and the pre-recording of the Opening Ceremony girl singing (how is that a problem?) China showed the world how far they've come and what they are capable of. The entire event was like an excuse to host a lavish party and mingle with the world. And any president with a little bit of brains was smart enough to make attendance.
Throughout the process, China grew and its people received plenty of international exposure and respect in return. You can't buy some of those things with money.
Now ain't I glad to have moved here at the right time to enjoy this upgrade.
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