Wenzhou to promote sports through social investment

September 5: Representatives of the China's General Administration of Sport (CGAS) and the local government of Zhejiang Province have signed an agreement, which will see Wenzhou (a city of Zhejiang Province) become the first pilot city in China to promote sports through social investment. 

This agreement has set out several priorities for the CGAS and Zhejiang Province, such as supporting social sports organizations, encouraging more social capital to invest in mass sports events and participation and enhance professional sport careers and the sports industry while also launching new policies to secure these investments. The pilot project will reportedly last for 3 years. 

Of these priorities, social sports organizations, as well as social investment for sports careers and industry have been emphasized by the CGAS. Currently, there are 1,477 social sports organizations in Wenzhou. 

On the other hand, Wenzhou have recently made great efforts to attract social capital to invest in the local sports industry. Every year, the local government of Wenzhou has provided special funds accumulating over RMB 5 million (US$765k) for social capital which has supported the sports industry. 

One of the projects raising funds through this method is the Wenzhou Olympic Town, which will cover 3 square kilometer and cost RMB 5 billion (US$765m) for its overall construction. 

Source: www.ynhouse.com.cn 

Proofread by Raymond Fitzpatrick