The 2016 Working Conference of the National Sports Industry was being held in Beijing on Nov. 14th. It was revealed that the next step for the GASC is to cooperate with the National Development and Reform Commission to create a number of national sports industry investment funds as soon as possible.
It was agreed by attendees of the meeting that the sports industry in China enjoyed great potentials, but that it has developed unevenly. It is still in the investment stage and has a long way to go, before we are likely to see much satisfying results.
Media reported that nearly half of the sports companies listed in the National Equities Exchange and Quotations lost money in the first three quarters of 2016. Since the government issued the policy on the development of the sports industry, many companies from non-sport sectors have created companies in the sports sector. However just as mentioned before, many of them did not do well for profits. Sports goods manufacturers made a profit, while most of sports events operation companies lost money.
Tan Jianxiang, Professor at the Institute of Physical Education in South China Normal University, said that economic contributions of the entire Chinese sports industry mainly came from the manufacturing businesses now.
Proofread by Sean O Diobhilin