The Chinese Finance Ministry along with the General Administration of Sports in China are jointly studying the feasibility to launch a sports industry fund in the country.
The nation’s director of the Sports Economy Department Liu Fumin while confirming the development has further revealed that the Government was also drafting an industry development plan for outdoor sports.
The efforts are part of a central government plan to promote mass-market sports and high-quality development of the sports sector. The plan was released by the State Council in September.
“Local governments should leverage fiscal funds and State-owned capital to attract more social investment to encourage the establishment of sports industry investment funds,” Liu has reportedly said at a meeting in Beijing on implementing high-quality development of the sports sector.
The administration, according to Liu, is also working with the National Development and Reform Commission to draft the 14th Five-Year Plan (2021-25), which will address the allocation of funds from the Central Government budget to support sports facilities, the Chinadaily.com has reported.
“The scale of China’s sports sector is set to reach nearly 3 trillion yuan ($427 billion) by the end of this year,” NDRC Vice-Minister Lian Weiliang has revealed.
The National Bureau of Statistics said China’s sports sector output hit 2.2 trillion yuan at the end of 2017, up 15.7% year-on-year, stated the report.
In China, buoyed by a growing number of people embracing sports as a leisure activity, sports-related consumption has also gradually become an emerging pillar of the country’s economic growth.