National Development and Reform Commission positive about sports industry growth in China

The National Development and Reform Commission praised the development of the Chinese sports industry at a press conference on August 2, where the spokesperson announced the current development situation of the sports industry in China alongside other industries such as tourism and culture. 

According to the spokesperson, the sports industry has been steadily developing at a high speed this year and is now a new emerging sector in the economy. 

This is reflected in three aspects. The first aspect is the increasing industry scale. Up to the end of 2018, it has been predicted that the value added of the sports industry will account for more than 1% of the GDP, the sports consumption close to CNY1 trillion and the increase in the number of sports companies will be more than 20% with more than 4.4 million employees. 

The second feature of the Chinese sports industry is that the composing structure of the industry continues to be optimized. The value added of the sports service sector accounts for over 50% of the value added of the sports industry. Fitness/recreational sector and sports competitions sector both grew at a speed above 20%. Aerial sports, fencing and mountain and outdoor sports all have demonstrated promising growth and have become new emerging points in sports consumption. 

The third aspect is the development of new forms of sports business. Many cities and organizations are actively making reforms in the field of sports. Sports cities, sports towns/villages, sports complexes, sports parks and industry parks are being set up. Sports zones for sports organizations/businesses are forming, rather than being separated or isolated businesses.   

Reference: Finance.China.com.cn 

Proofread by Raymond Fitzpatrick