Sources: Agencia Digital de Noticias and China public holidays. The Chinese People's Political Consultative Conference (CPPCC) is currently considering a proposal by political advisor Mao Yulin to make August 8 (the date of the opening of the 2008 Summer Olympics in Beijing) an annual public holiday called Sports Day.
Considering that the entire public holidays system of China has recently been revamped (our post of December 16), including the addition of one annual public holiday, it is unlikely that another change would be made, so soon. It is, however conceivable that a compromise might be reached whereby this year's August 8 would be declared a one-off public holiday.