Shanghai unveiled a total net worth of 104.6 billion yuan for its sports industry in 2016, an increase of 42.1 billion yuan, accounting for 1.5 percent of the city’s GDP, according to an official report.

Sports services generated a total output of 67.5 billion yuan, reflecting a growth of 64.6 percent in the Shanghai sports business. The largest contributor to the sector of sports services was sporting goods and related products, which yielded 39.8 billion yuan through sales, trading and renting, accounting for 38 percent of the Shanghai sports industry.

According to its five-year plan (2016-2020), Shanghai aims to create a sports industry valued at 120 billion yuan by 2020, an increase of about 30 billion yuan from its value at 91 billion yuan in 2015. Meanwhile, its sports services are expected to occupy more than 55 percent of the sports industry, and the number of employees in sports services should comprise 80 percent of the city’s sports employees.

Source: Sohu

Proofread by William Logsdon