But Jacques Rogge gives Premier Wen's concept of a 'frugal Games' short shrift International Olympic Committee president Jacques Rogge yesterday voiced overwhelming confidence in Beijing's preparations for the 2008 Games but rejected the idea of a 'frugal Olympics'. After visiting several Olympic venues in the capital, Mr Rogge said the preparations were excellent and everything was on schedule at the halfway stage. 'The way [China has] tackled [the challenges] in the first 31/2 years is really very, very heartening and promising. So at this stage, I have no concerns,' Mr Rogge said. But he parted company with mainland organisers over the issue of a frugal Olympics. 'There will be no frugal Games, but a good Olympic Games,' he said. Premier Wen Jiabao first raised the idea of a frugal Olympics at a State Council meeting in August and the concept gained support in central government circles. The idea calls for a more scaled-back approach to the building of venues. Mr Rogge said the IOC and Beijing had signed a host city contract that described precisely the requirements in organisation, services and infrastructure. 'The Games will be excellent and on a good level according to the contract signed with China.' Mr Rogge addressed questions about the 2008 Games making a financial loss by drawing a distinction between the operational budget and investment budget. He said the operational budget was US$1.8 billion and covered the transport and accommodation of athletes, the running of the venues and broadcasting. Sixty per cent of this money was paid by the IOC while the rest came from sponsorship and ticket sales by local organisers. He said this budget had turned a profit since the 1984 Olympics in Los Angeles. Mr Rogge said the investment budget, which covered both the specific infrastructure for the Games and the general infrastructure, such as transport, would benefit the host city in the long run. 'And that's the reason why so many countries find the Games appealing,' he said. Mr Rogge has been in Beijing since Saturday and has held meetings with President Hu Jintao , Beijing Organising Committee for the Olympic Games president Liu Qi and Beijing Mayor Wang Qishan .