With the problems China is facing like earthquakes and the Tibetan uprising you might think that their opening ceremony would have been cheaper, with them helping the earthquake victims and sorting out their differences with Tibet.
Also within their own country, I recently read an article about China having to re-open very basic mines where up to ten people die every week.
Shortly and bluntly this is a modern day disgrace and the earthquake-ridden area probably WON'T get aid from their government. The poorer regions of China will be forced to suffer and watch the "party" whilst they starve and live in poverty.
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