Shenzhen to set up a RMB200m annual fund for its sports industry

August 12: Having been gaining momentum in the sports industry and winning some high-level sports projects, the Chinese metropolis of Shenzhen will set up a new development fund for its sports industry with annual reserves of RMB200 million (US$30m) for the 2017-2020 period. From this fund, Shenzhen will offer funding, subsidized loans or bonuses to more sports projects, such as sports events, clubs and sports-themed industrial parks that have great potential.   

The municipal government of Shenzhen have published their sports industry goals and plans in an official statement. From 2017 to 2020, Shenzhen will enhance their support for those sports which are popular among Shenzhen residents and those sports with great marketing potential, such as soccer, basketball, volleyball, table tennis, badminton, golf, sailing and marathons. Bringing more premium sports brands to Shenzhen is also one of the priorities of the government. In terms of the sports industry revenue, Shenzhen expects the gross value added of the sports industry to increase 15% per year and to make up 1.2% of its GDP by 2020. 

Alongside the set up of this fund, the Shenzhen municipal government also encourages every district of Shenzhen to set up a special fund to attract more social investments to the sports industry. 

Source: sports.xinhua.net

Proofread by Raymond Fitzpatrick