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China spends billions on Olympics with longer-term goal

In this photo released by China's Xinhua News Agency, Chinese President Xi Jinping tours the National Speed Skating Oval, a competition venue for the 2022 Winter Olympics, in Beijing, Tuesday, Jan. 4, 2022. Competition for the Winter Olympics is scheduled to begin on Feb. 4. (Xie Huanchi/Xinhua via AP) In this photo released by China's Xinhua News Agency, Chinese President Xi Jinping tours the National Speed Skating Oval, a competition venue for the 2022 Winter Olympics, in Beijing, Tuesday, Jan. 4, 2022. Competition for the Winter Olympics is scheduled to begin on Feb. 4. (Shen Hong/Xinhua via AP) Olympic Rings assembled atop of a structure stand out near a ski resort on the outskirts of Beijing, China, Thursday, Jan. 13, 2022. The Chinese capital is gearing up for the Winter Olympics the midst of COVID-19 outbreaks in several Chinese cities which have been locked down. (AP Photo/Ng Han Guan)