The State Council of The People’s Republic of China today released an announcement regarding improvements in the development of the sports events sector, advising more capital to support this sector.
The document immediately spurred excitement in the Chinese sports industry, leading to the rise of stock prices in a number of listed sports companies.
The announcement outlines that by 2025, the gross output of the sports events sector and entertainment events sector should reach CNY2 trillion, there will be 100 well-known premier sports events, 100 original sports IP brands will be created and a well-balanced sports events sector with rich products, appropriate structures and a solid basis will be formed.
It encourages various media to broadcast sports events and related programs to improve the sports culture and educate sports events related etiquette, improve ticketing systems in the market and to punish illegal ticket sales.
In addition to sports events organizing companies, organizations in related and connected services and businesses should be developed as well, for example, in tourism, transportation, dining, advertising, print and on-site service sectors, to form a cluster of companies and sectors. Traditional manufacturing companies are encouraged to get involved in the production of sports competition equipment.
Lastly, investment mechanics for the sector will be improved. Social strengths, social funds, banks, insurance, securities and other related organizations are encouraged to invest in the sector or create relevant funds and financial products and funding approaches for this sports events sector. Local authorities that are able to assist can support relevant sports industry funds to provide necessary aid.
Proofread by Raymond Fitzpatrick