Ambitious nationwide plan to develop sports industry - and get people fit
The State Council said the industry can thrive by pushing foreign investment, cutting red tape, and encouraging a new generation of sports enthusiasts.
China is aiming to raise the value of its sports industry to 5 trillion yuan by 2025, the State Council, the mainland’s cabinet, announced on Monday.
The State Council released its nationwide plan to develop the industry by pushing foreign investment, cutting red tape, and encouraging a new generation of sports enthusiasts.
In 2012, the sports industry comprised just 0.6 per cent of China’s gross domestic product. If the industry expands to 5 trillion yuan it is expected to account for 1 per cent of the GDP in 2025.
“There are great opportunities for foreign investors, particularly in areas such as sporting events, overseas sports tourism and venue management, where their strengths are clear,” Liu Fumin, director of finance at the General Administration of Sport told China Daily.
Liu said that the number of foreign sports goods companies account for 23 per cent of the total in China, meaning there was “great potential to increase”.
The announcement calls for expanding the sports goods industry, promoting the development of competitive sports and accelerating the construction of new sports arenas.