A relative recently asked me why China (and for that matter the old USSR) does so well at the Olympics? The same relative pointed out just how fast China rose through the ranks over the past five Summer Olympics yet India hasn’t done anything like it, so it is not necessarily attributable to population size.
And even if the US comes out on top in nominal terms this year, if you take the Medal / Athlete average (ratio), I suspect that even if doping accusations prove true (or false), China will probably do a bit better on this ratio (e.g., there are 380 athletes from China and 530 from the US yet as of this writing the two teams are equal with 23 medals a piece).
Why?
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