Business News

CCTV Script 9/09/13

This is the script of CNBC's news report for China's CCTV on September 9, Monday.

Welcome to CNBC Business daily.

A jubilant Japan celebrating Tokyo's win to host the 2020 summer Olympics.

The city secured a landslide 60 votes to Istanbul's 36.... with Madrid eliminated from the first round.

Despite concerns over radioactive water leaking from Fukushima and surging radiation levels.

The Games are projected to give the economy a 30 billion dollar boost over the next 7 years and create 150-thousand jobs.

Speaking to CNBC, some analysts said that the celebrations maybe premature.

[Sound on tape Marc Faber, Publisher, The Gloom, Boom & Doom Report by This excitement is actually typically Japanese. They get excited about anything that they can see on Facebook. Hurrah Olympics, great! You think it makes any difference to an economy the size of Japan whether the Olympics are there or not? There may be some boost in terms of tourism during the Olympics and there may be some construction boost, but relative to the size of the economy, completely irrelevent!]

[Sound on tape Richard, Tomlinson, Chair in Urban Planning, University of Melbourne:

It's economically irrational to stage a mega event like the World Cup soccer or Olympics. Tourism has not been demonstrated to go up. It certainly didn't in China, it didn't in London. The anticipated benefits provided by companies consulting to the host city always overstate the benefits and underestimate the costs.]

[Sound on tape I don't foresee long-term economic benefits. In fact, I would anticipate long-term economic costs, because capital is allocated to investments that are of lower returns than alternative investments.]

But markets found other good news to cheer about...

Second quarter growth figures were revised upward to annualised 3.8% expansion.

That was much higher then the initial reading of 2.6%.

The strong data heightens expectations that the government is likely to go ahead with its planned two-staged sales tax hike.

Meantime, corporate capital spending was revised up to a 1.3% rise, from a preliminary 0.1% decline for the April to June period.

This marks the first capex increase in 6 quarters.