Cashing out gold medals

BEIJING — As China piles up the Olympic gold medals, it is justifiably proud of its accomplishments. National glory is great.

But for Chinese athletes who have slaved in sports camps for most of their lives, the monetary payoff isn't so bad either.

Ka-ching.

Communism? What's that? China's medal winners will be the best-rewarded in the history of Chinese sports as celebrity culture and commercialization strengthen their grip here.

Much like other countries, China has embraced the practice of rewarding its most successful Olympians beyond the medal stand. Every Chinese athlete who brings home gold is guaranteed at least $51,500 from the central government, nearly double what their counterparts received at the 2004 Games. And by the way, that's all tax-free.

The athletes also stand to enjoy substantial paydays from provincial and local governments bursting with pride over their native sons and daughters. Often off the books, these sums can dwarf the proceeds from Beijing.

Various corporations have also jumped into the act, including Beijing-based Yanjing Beer Co. It's offering $146,000 for each gold medalist in the 32 water sports events, $70,000 for each silver and $28,000 for each bronze.

That's a great leap forward compared with a few decades ago when Chinese athletes were expected to be content with their daily wages and their patriotism. China's first gold medalist, the self-trained Xu Haifeng, who won in the 50-meter pistol in Los Angeles in 1984, was given a $2,600 bonus.

"In the old days, they just gave you a plaque," said Wei Hanfeng, executive editor of Sports Illustrated's Chinese edition. "Now Chinese gold medalists walk away with more than many athletes in developed countries."

Still not satisfied? How about the kilogram (2.2 pounds) of gold, worth about $29,000, and $80,000 in cash offered by the Huo Yingdong Education Foundation, which might assuage winners who discover their gold medal is actually gold-plated.

Add it up and Chinese gold medal winners can expect to pocket an estimated $300,000 on average. That amounts to more than 100 years' wages for the average Chinese city dweller and 300 years' for rural residents.

American gold medalists, by comparison, receive about $25,000 from the U.S. Olympic Committee. Those who become media darlings can make major bucks, of course.

Prohibitions against paying Olympic athletes were lifted in the 1980s by the International Olympic Committee.