Will the olympics still be in china?

Beijing is unaffected by the earthquake so there won’t be much of a reduction in tourists and olympic teams due to physical damage, I’d be more worried about boycotts due to human rights violations etc. if I were China.
Also the official website is not showing any signs of an event cancellation.

Rest assured that China is a country with a huge economy which will not be entirely crippled by the earthquake, so it will recover its infrastructure and productivity quickly.

Also an event like the olympic games being cancelled would lose far more money than running it with a lessened economic strength. These games will have been in planning for more than 12 years when you add up all the years that proposals etc. have been being made, the costs of such extensive planning and construction of venues must be astronomical.

They must make a backup plan though, surely? Just in case?

I think the Games will go on, and I very much hope there will not be boycotts. The entire spirit of the games is about stepping outside of politics.

This does not mean I support the Chinese position of Tibet. I do not.

China is a huge place geographically. The earthquake epicenter was in Dujiangyan, Sichuan (South Central) and the olympics are in Beijing (North East). Much the same as a natural disaster in Texas would not dissuade visitors to New York.

I forgive the ignorant masses who think Sichuan is anywhere near Beijing because my mother once called me up in Philadelphia (when i was studying abroad in the US) when she heard about the earthquake in San Francisco to ask me if we were affected.