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Greg Louganis -- Chinese Have Olympic Diving Advantage ... 'It's in the Rice!' (VIDEO)

Greg Louganis says the Chinese are the odds-on favorite to dominate the Olympics diving competition ... joking rice is they key.

We got Greg outside Craig's in WeHo Friday night, and it's interesting the guy who won 4 gold medals thinks this time around the U.S. will bow to China.

Greg thinks a lot has to do with simple genetics ... the way Chinese divers are built.

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