Chinese athletes to gain from Olympic wins
(Agencies)
Updated: 2004-08-31 10:33

How much is an Olympic gold medal worth? For China's newest sports stars, fresh from triumph in Athens and idolized by a sports-crazy public, gold medal means they can cash in like never before.

China's Liu Xiang (centre) poses on the podium during the medal ceremony of the men's 110 metres hurdle final at the Athens 2004 Olympic Games August 27, 2004. Liu will collect 3,500,000 yuan just in government prizes after taking the Olympic men's 110 metres hurdles gold medal. [Reuters]

China, in its best Olympic showing, won 32 gold medals at the Athens Games, second only to the United States. The surprise result earned high praise from the central government, which called on all Chinese to learn from the athletes.

"The excellent performance by China's athletes again shows the spirit of the Chinese nation's unremitting efforts to improve itself," the government said in a message broadcast on state television.

As China gears up to host the Olympics in Beijing in 2008, the power of the Olympic brand will only grow, marketers say.

"If nothing else, 2008 has created an opportunity that is frankly unprecedented," said Christopher Millward, chief executive of Millward Consultants in Beijing. "The inherent publicity of the games has created that," he said.

For the stars of Athens, the central government has promised prizes of up to 200,000 yuan (US$24,000) for Olympic medalists, and individual provinces also plan to rain cash on their local stars, the People's Daily newspaper said in its online edition.

Yunnan, for example, will give weightlifter Zhang Guozheng US$180,000 for being the first from the province to capture Olympic gold.

Still to come are the commercial endorsements, speaking engagements and free merchandise that are par for the course in developed nations. Chinese motorcycle makers, property developers and others already have announced gifts of their own, no strings attached.

Hurdling star Liu Xiang stands to earn the most of all, after becoming the first Chinese man to win gold at an Olympic track event. He was awarded the honor of carrying China's flag at the close of the Athens Games, after finishing first in the 110-meter hurdles by matching the world record time of 12.91 seconds.

Already, Liu can be seen leaping from Nike sneaker ads. The People's Daily said Liu is set to collect 3,500,000 yuan (US$400,000) just in government prizes. His commercial earnings could be several times that.