The General Administration of Sport of China revealed plans to launch a sport industry investment fund to stimulate sports-related businesses and brands, after a Friday teleconference attended by the GAS and the National Development and Reform Commission.
Liu Fumin, the director of the sports economy department in the administration, was reported by China Daily as saying that both the sports governing body and the Chinese Ministry of Finance are now jointly studying the feasibility of the fund. He did not reveal when the fund will be formally launched, but added that the government is also drafting an industry development plan for outdoor sports.
These efforts are part of plans to raise high-quality sports industry development in China, announced in September by the Chinese State Council as part of their 14th Five-Year Plan (2021-2025) .
Liu said: “Local governments should leverage fiscal funds and state-owned capital to attract more social investment to encourage the establishment of sports industry investment funds.”
Lian Weiliang, vice-president of the NDRC said during the teleconference: “There’s huge potential in the sports market. The scale of China’s sports sector is set to reach nearly ¥3tn ($427bn) by the end of this year.”
“The government should create conditions to support and cultivate a number of world-class sports market players and sports brands. And more efforts are needed to foster new businesses in the sports sector.”
Li Yingchuan, deputy head of the GAS said: “As China has become a middle-income country, people have a growing willingness and demand for sports consumption.”
“With the new (central government) plan backing high-quality sports industry development, all regions and departments should take actions to solve problems, stimulate sports-related consumption and forge a better-structured sports industry.”