As huge as that figure sounds it equates only to US$32 million (£17.5 million) although the Sports Affairs Council (SAC) also plans to spend US$170 million (£93.2 million) on increasing participation in sport.

Taiwan, who compete as Chinese Tapei in the Olympics, sent 80 athletes to the Beijing Olympics.

They took part in 15 events but won only four bronze medals - two in taekwondo and two in weightlifting - the worst showing since 1988.

Taiwan had been hoping to at least repeat their record from the Athens Games when they won five medals, including two gold in taekwondo.