"Go Red for China!" was the slogan unveiled on the Chinese mainland by Pepsi-Cola, whose ubiquitous blue can will, "for a limited time," be red. Pepsi is just one of many companies advertising at the Olympics, at a cost of up to $6 billion, in an attempt to tap a largely untouched market of more than 1 billion. "You've never seen the Olympics in a market that has such domestic commercial scale," Michael Wood, chief executive for greater China at advertising firm Leo Burnett, told the New York Times. "When the Olympics were in Los Angeles and Atlanta, the U.S. market was already fully developed."

This is the Olympics the West wanted: games where the grandest prize is not a gold medal but a glittering entree to China's seemingly endless army of potential consumers. This is the reason that George W. Bush will attend the opening ceremonies, the first US President to do so on foreign soil, and that in March, mere days before the crackdown in Tibet, Condoleezza Rice, laughably, took China off the State Department's list of nations that abuse human rights.

But if the stakes are high for Western capitalism, for China they may well be higher. Beijing has spent as much as $40 billion to build train stations and Olympic facilities, uprooting more than 1.5 million residents, all in the hope that the games would mark, as the official Xinhua news agency put it, a "historical event in the great renaissance of the Chinese nation."

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