(The author is a researcher with the Institute of Finance and Banking under Chinese Academy of Social Sciences)

Hosting of the Olympics Games by China will not bring a boost to the country's economy as a large power, whether in terms of direct investment or indirect promotion, but it will prove to be a milestone of the country's economic growth and development.

A general view shows the Tiananmen Gate under the sky in Beijing. [Agencies]

As we have seen in the past eight years, Beijing's hosting of the 2008 Games not only brought the domestic share market the Olympic concept but also promoted unprecedented progress in the city's urban infrastructure construction and economic development.

It can be said that the "Olympics" concept has so far been the most influential element in the history of Beijing's urban and economic development.

Moreover, the "Olympics" has indicated the economic achievement of China as a whole.

Zhang Jing, a Beijing 2008 Olympic Games spectator, from Hebei province jumps while posing for a photo in front of the National stadium, also known as the Bird's Nest August 12, 2008. [Agencies]

Despite twists and turns, trials and tribulations, the country registered a remarkable growth in the past eight years. More importantly, the milestone not only works for the past and present, but also for the future of the Chinese economy.

The recent ten years has been called the "golden decade" of economic growth for China, as well as the decade when China integrated itself into the world economy. In this sense, the Olympics can also be seen as an indication of China's economic growth

At the same time, the Olympics has opened up a road for China to the outside world, through which our companies and people can spread our products, markets and culture to places of the world, seeking one another opportunity for development.

When it comes to the symbolic meaning of the Olympics to the economic growth, China's economy will step into a sustained and stable growth phrase after 30 years of excessive growth.

And the major adjustment to economy shows that China's economic development will enter a rational and calm stage. It can be said that the economic development during the "Golden 10 Years" has been full of progress, prosperity and also twists and turns and irrationality.

However, the Olympic spirit of free competition, creation, peace and rationality will call for a free and equal competition in our economic lives, a rational and peaceful development pattern and every citizen's fundamental rights and the right to share the social and economic development fruit.

So, the Olympics as a symbol of China's economic development means that China's economic development will not only be more open, but also be more rational, more concerned about people's livelihood to make sure the fruit of social and economic development shared by every citizen.

To sum up, although the direct influence and indirect promotion to China's economic development of the Olympics may not be too major, it will change the world's cognition on China and the domestic conditions in China's economy and life.

It will bring China to a more extensive world family and help us re-understand our society, ourselves and everything happened in our circumference to drive the development and prosperity of China's economy, leading China to a new path of development and prosperity again. Anyway, the Olympics will be an important symbol of China's economic development.

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