News & Reports News Year 2011 October , 2011 Expo turns profit, no big losses

Expo turns profit, no big losses

Beijing - An audit report released on Friday found the 2010 Shanghai World Expo had a surplus of 1.05 billion yuan ($164 million).
"The result of the audit (also) shows that no severe loss or misconduct were found," said Jiang Xiaomin, spokesman of Shanghai Municipal Auditing Bureau.
The bureau released the follow-up audit on its website.
The report shows that the Expo had income of 13.01 billion yuan, while expenses were 11.96 billion yuan by the end of March 2011.
Ticket sales brought in 7.35 billion yuan, accounting for 56 percent of the overall income. Second was sponsorships of 3.97 billion yuan.
The Expo lasted 184 days and attracted more than 73 million visitors, including 3.5 million from overseas.
According to the report, income from the Expo was 696 million yuan higher than budgeted because the sales of tickets, earnings of franchise rights and the rent of exhibition halls and grounds were better than expected.
Expenses were 79 million yuan lower than budgeted because of tight controls on costs.
The biggest share of expenses, 4.12 billion yuan, went toward maintenance of the exhibition halls and facilities, followed by information and security services with 1.95 billion yuan.
"The expenses for the Expo refer to the money directly used for the holding of the Expo, including the cost of operation and construction of the main buildings in the Expo garden. The audit fully covers these," Jiang said.
Because of the introduction of new technology and an expanded area for exhibition halls, the 47 main buildings in the Expo garden cost 19.73 billion yuan, about 1.73 billion yuan higher than planned.
The Expo surplus will be used for facility maintenance and public culture exhibitions including exhibitions in the China Pavilion and the museum of the Expo, said the report.
Minor misconduct in budget drafting, management of articles from sponsors, project bids and regulation of contractors has already been corrected, said the report.
"The problems were mainly found in the preparation period of the Expo and these problems usually came from poor management, but no severe misconduct has been found. By now, all the problems have been corrected," said Jiang.
The China Council for the Promotion of International Trade said on Friday that China has confirmed its attendance at the World Expo 2015 in Milan, Italy, and initiated preparation for the event.
China is willing to share its experiences in terms of food production and sustainable development and will boost ties with other participants in the food industry, said Wan Jifei, chairman of the council.
With the theme of "Feeding the Planet, Energy for Life," Expo 2015 focuses on displaying tradition, creativity and innovation in the business of food.
The China Council for the Promotion of International Trade has been in charge of Expo-related affairs on behalf of the government since 1982.