China has announced plans to launch a special lottery to assist with financing the 2008 Olympics. The new lottery is to run from later this year until 2008, and is anticipated to raise $121m a year. Of this figure, 35 per cent will be channelled directly into the funding of the games - a figure of around $340m. The Beijing government has already committed to spending some $20bn on preparation, including improvements to local infrastructure and environmental quality as well as the venues themselves. The International Olympic Committee (IOC) also announced the appointment of Jacques Rogge as new president. Rogge won the presidency convincingly, beating Un Yong Kim and Dick Pound. However, the new president's term of office has already been marred by the fallout of the campaign. Both Kim and Pound have already expressed significant displeasure, Kim refusing to attend the election ceremony, and Pound having offered to resign from the IOC. Rogge said in a press conference that he valued both colleagues, adding that he had granted Pound some reflection time, and had formally asked him to return.