The General Administration of Sport of China (GASC) has signed a cooperation deal respectively with the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, China Insurance Investment Co., Ltd and China Tourism Investment Co., Ltd. 

Under their deals, the six financial institutes will provide support with sports projects, fitness and leisure facilities, sports industry parks, sports towns, sports complexes, sports events and activities. During China’s 13th Five-year Plan, the four commercial banks will offer an 800-billion-yuan line of credit.

At the same time, the GASC also launched the China Sports Industry Alliance at the news conference, with the goal of setting up an interactive platform for sports professionals from governments, universities and research institutes.

Zhao Yong, deputy head of the GASC, was named the president of the council of the Alliance.

The news conference was held January 13, 2018, and was also attended by officers from local governments and executives from sports companies.

Source: Sohu

Proofread by William Logsdon