Sir Craig Reedie, a senior International Olympic Committee (IOC) member and former British Olympic chief, says London faces a "very high challenge" to meet the standards set by the "magnificent Beijing Games" of 2008.

Reedie, who chaired the British Olympic Association from 1992 to 2005, branded China an "Olympic powerhouse" on the eve of the one-year countdown to the next year's Games.

Sir Craig Reedie, member of International Olympic Committee (IOC) and London 2012 Organizing Committee (LOCOG)

In an interview with China Daily, he paid tribute to the previous host of the world's foremost sports competition and spoke of his dreams and aspirations for London's third Olympic Games, which will begin in 365 days.

"We are in good shape," said Reedie, when asked how the countdown was going. "The main facilities are all there and we have been able to raise most of the money we need because we have private-sector business (support)."

Reedie spoke as organizers of the Games began a series of test events on their main venues and systems. "We've tested race walking, we've tested marathon, we've tested equestrian. We're about to do beach volleyball, we're about to do badminton," he said.

The former badminton player and head of International Badminton Federation, who now works as an Olympic official, also praised China's sporting stars and predicted they will be a huge draw for fans in 2012.

"Lin Dan and his Chinese (badminton) team will be huge attraction to the British Olympic fans," he said, adding he watched some "marvelous badminton" during the Beijing Games, where Lin won gold.

"Apart from anything else, we know China is now an Olympic powerhouse," said Reedie, who also praised the country's divers as the best after their performances at the World Swimming Championships in Shanghai.

The 2012 Games will mark the third time London has hosted the Games – the first was in 1908 when Italy was forced to cancel because Mount Vesuvius erupted and then in 1948 after World War II – and this time it is keen to take on a new look.

"In a contemporary Olympics, We have to do two things. One is to develop and provide a legacy for the city by building new facilities in the east end of the city. Secondly, we have tried to make use of as many existing facilities as we can, and we have introduced what you would call demountable structures," said Reedie.

To be efficient and sustainable is what a contemporary Olympics means, and London has so far been succeeding.

But Reedie readily admits following's Beijing's Olympic legacy will be a tough task.

"I have nothing but happy memories of the Beijing Games," he said. "The ceremonies were fantastic, the organization was fantastic and you set very high standards."

Reedie also urged Chinese fans traveling to the Games to enjoy the host city while feeling at home. "I hope you begin to enjoy some of the aspects of the city that will be different from your culture … because that's one of the joys of coming to an Olympic Games," he said.

And for those who failed to secure Olympic tickets so far, Reedie said "sorry", but said more tickets would be allocated by the end of the year. "Chinese fans can buy London tickets in China, or the US, or Germany as about 20 percent of the tickets are being sold internationally."