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China Estimates 400 Billion Yuan Added Value in Sports Industry in 2015

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Core Tip:China's sports industry is expected to account for 0.7 percent of the GDP with anadded value of 400 billion yuan ($62 billion) in 2015, a senior sports official said here onTuesday.
China estimates 400 billion yuan added value in sports industry in 2015

A personal trainer helps a client work out in a gym in ZhengzhouHenan province

China's sports industry is expected to account for 0.7 percent of the GDP with anadded value of 400 billion yuan ($62 billionin 2015, a senior sports official said here onTuesday.

 

"According to current situationit is expected that by the end of 2015 the sports industry willbasically realize the goal set by '12th Five-Year Plan', namly an added value of 400 billion yuanand accounting for 0.7 percent of the GDP," Feng Jianzhongdeputy director of the StateGeneral Administration of Sport of China (SGAS), told a press briefing.

"By 2020, the total scale of sports industry is expected to exceed 3 trillion yuan and the sportsindustry's added value account for 1 percent of the GDP," he added.

China's cabinetthe State Councilissued the "Suggestions on Accelerating Development ofSports Industry and Promoting Sports Consumptionlast Octoberaiming to boost thedevelopment of the country's sports secotr and grow it into a 5 trillion yuan industry by 2025.

According to Fengthe SGAS has simplified administrative examination and approvalproceduresrescinded examination and approval of commercial and mess sports events andreformed on large-sized sports venues operation and management systemincluding grantingsubsidy worth of 870 million yuan to 1,212 sports venues for free-of-charge or low-charge use bythe public.

"Such moves have triggered high enthusiasm among the public to participate in sports andprovided great business opportunities for the sports industry as well," Feng said.

In 2015, Wanda Groupa real estate giant in Chinabought stake in Spanish La Liga championsAtletico Madridmerged Infront and then bought World Triathlon Corporationin Augustspendingabout 11.6 billion yuan in this area.

E-commerce titan Alibaba also showed great interest as they first paid 1.2 billion yuan for 50percent stake in Guangzhou EvergrandeChina's most successful soccer club and two-timeAsian Champions League winner.

The Nasdaq-listed companywhich have business cooperations with German champions BayernMunichSpanish giants Real Madrid and NBA star Kobe Bryantthen launched its own sportscompany in September to focus on professional sports.

Two other internet companies LeTV and Tencent jumped on the bandwagon by establishingrespective sports companies as wellwhile Ti'ao Power has been designated as the cooperationpartner of China Super League TV signal making and copyright sales at the prize of eight billionyuan for five years from 2016 to 2020.

"The sports industry has grabbed huge social attentionforming a good momentumcharacterized by active government drive and capital input," Feng concluded.

 

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