Hangzhou Asian Games' Economic Value
The Hangzhou Asian Games, officially the 19th Asian Games, was a continental multi-sport event held from 23rd September to 8th October 2023 in Hangzhou, China.
The games covered 61 disciplines in 40 sports, with more than 12,000 athletes from 45 countries and regions across Asia participating, making these games the largest and most comprehensive in history. The ‘digital torchbearers’ online torch relay activity, which engaged over 100 million participants, highlighted the profound connection among the people of Asia, showcasing the games' unifying impact beyond the sporting arena.
China, Japan, and South Korea dominated the medal standings, with China emerging as the overall leader, securing a staggering total of 383 medals, including 201 gold medals. Japan, with 188 medals, including 52 gold, and South Korea, with 190 medals, including 42 gold, also demonstrated exceptional performances. Notably, China's remarkable achievement of claiming the first gold medal for six consecutive Asian Games over a span of two decades, highlighted their consistent excellence in the sporting arena.
Furthermore, the 19th Asian Games had a substantial economic impact. The investments effected between 2016 and 2020 for the preparation of the event generated an economic value of 414.1 billion yuan for Hangzhou's local economy, accounting for 7.6 per cent of the city's overall growth. This investment also had a substantial social impact by generating 670,000 jobs, constituting 2.4 per cent of total local employment during that time. Additionally, the event was projected to attract over 20 million visitors, further bolstering the local economy.
In conclusion, the 19th Asian Games in China were important and significant for not only celebrating sporting excellence but also stimulating economic growth, fostering regional unity and leaving a lasting legacy of infrastructure and cultural exchange. They not only showcased China's capabilities as a host but also served as a catalyst for economic development, leaving a lasting legacy for Hangzhou and the broader region. The Asian Games were a testament to the economic value of hosting international sporting events.