VivaTech takes the stage as the world's leading event for tech and startups
19 Jun 2023 18:33
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
Related coverage
Kunming to create a RMB40 billion sports industry by 2020
05 Sep 2017
Running events and mobile apps for the 5-trillion yuan goal
26 Dec 2014
Lander Sports to acquire CHINA.COM for RMB 150m
05 Apr 2016
Hebei Province calls to specifically develop six sports sectors in 2018
16 May 2018
CMC’s way of sports business allocation
22 Jan 2016
More from Yutang Sports
Birmingham is embracing a bright future supported by extraordinary sporting legacy
17 Apr 2024
SportAccord calls for the power of sport to lead anti-abuse actions
17 Apr 2024
Leading sports charity, Podium Analytics, announces Trusted Research Environment for Global Sport
11 Apr 2024
SportAccord Media Partners will ensure global audiences are primed with latest news in sport
02 Mar 2024
SportAccord Plenary Conference had fruitful talks about the soft power of sport
17 Apr 2024
Yutang Sports
loading...