Faster, higher, stronger…cheaper? Beijing and Almaty slash budgets to compete for 2022 Winter Olympics

In a departure from past extravagance in hosting major international events, Beijing has come up with a relatively small budget for its 2022 Winter Olympic Games bid - less than a tenth of the amount it spent on the 2008 Summer Olympics.

The budget Beijing has proposed to the International Olympic Committee for its organising committee and infrastructure is about US$3 billion. It spent US$40 billion on the 2008 Games.

"Beijing faces zero risk in hosting the 2022 Winter Olympic Games in terms of its social stability and economic development," said Beijing vice-mayor Zhang Jiandong, who is also vice-president of the Beijing 2022 Winter Olympic Games Bid Committee.

Last year's Games in Sochi, Russia, at US$51 billion, were the costliest Winter Olympics ever. The staggering cost drew criticism when it was revealed that many facilities were poorly designed and constructed, with several left unused after the event. The IOC aims to cut spending on bidding and hosting as part of the organisation's reform plans, and the committee will pick the country to host the 2022 Games based on a set of criteria that includes the proposed budget.

Beijing and its bidding rival Almaty, in Kazakhstan, are hence competing to come up with the lowest budget to host the event.

Almaty's budget for its organising committee and infrastructure comes to about US$3.5 billion.

Beijing's candidacy files, submitted on January 6, say it has to build only a handful of new venues for the Games.