China Spends More Than $2.6 Mln Rewarding Athletes

The Chinese government will spend more than $2.6 million rewarding its athletes who won gold medals at this month's summer Olympics, local media said on Tuesday.

Each gold medal winner will be given a tax-free award of 350,000 yuan ($51,110), the Beijing News said, citing Xiao Shan, deputy head of the General Administration of Sport.

China won 51 golds at the Games, more than any other nation, and in some team events such as synchronised diving, all athletes on the team received medals. Every medal winner will get the reward, Xiao said.

The cash award is 150,000 yuan more than Chinese winners got at the Athens Olympics in 2004, and is a massive increase from the 6,000 yuan given for the 1984 Los Angeles Games, where China won 15 golds.

China is not unique in offering cash incentives to its top athletes.

Greece, for example, offers about 190,000 euros ($280,300) for gold medals, 130,000 euros for silver and 70,000 euros for a bronze medal. ($1=6.848 Yuan) ($1=.6778 Euro)