Beijing was elected the host city on July 13, 2001, during the 112th IOC Session in Moscow, beating Toronto, Paris, Istanbul, and Osaka. Prior to the session, five other cities (Bangkok, Cairo, Havana, Kuala Lumpur, and Seville) submitted bids to the IOC but failed to make the short list in 2000. After the first round of voting, Beijing held a significant lead over the other four candidates. Osaka received only 6 votes and was eliminated. In the second round, Beijing was supported by an absolute majority of voters, eliminating the need for subsequent rounds.
After winning the bid, Li Lanqing, the vice premier of China, declared "The winning of the 2008 Olympic bid is an example of the international recognition of China's social stability, economic progress and the healthy life of the Chinese people." Previously, Beijing had bid to host the 2000 Summer Olympics. It led the voting over the first three rounds, but ultimately lost to Sydney in the final round in 1993.
By May 2007, construction of all 31 Beijing-based Olympic Games venues had begun. The Chinese government is also investing in the renovation and construction of 6 venues outside Beijing as well as 59 training centres. Its largest architectural pieces will be the Beijing National Stadium, Beijing National Indoor Stadium, Beijing National Aquatics Centre, Olympic Green Convention Centre, Olympic Green, and Beijing Wukesong Culture & Sports Center. Almost 85% of the construction budget for the six main venues is being funded by US$2.1 billion (RMB¥17.4 billion) in corporate bids and tenders. Investments are expected from corporations seeking ownership rights after the 2008 Summer Olympics. Some venues will be owned and governed by the State General Administration of Sports, which will use them after the Olympics as facilities for all future national sports teams and events.
Some events will be held outside Beijing, namely football (in Qinhuangdao, Shanghai, Shenyang, and Tianjin), sailing (in Qingdao), and equestrian (in Hong Kong, because of "uncertainties of equine diseases and major difficulties in establishing a disease-free zone").