China Jockey Club was announced to be founded in Beijing, which signals that China began to introduce and open horseracing market. The establishment ceremony was held in a governmental building, the CPPCC auditorium, on September 22.
The Club announced that it would set out the strategy for the development of the racing industry in China, working with a number of international bodies to ensure the industry is sustainable”, and “to hold a number of races in 2015”. To be specific, an International Horseracing event has been set to happen in Shanghai in July 2015.
The organization has help from international institutions and professionals. Sir Keith Mills, International President and CEO of London 2012, is the Overseas Secretary General. Peter Phillips, who is closely related to the British royal families, is the Global Ambassador. First Counsellor of EU Delegation to China and Mongolia, Jérôme Lepeintre, is Senior Consultant of the club.
Chinese mainland sports market lacks horseracing events. At the moment, most of the horseracing events in China take place in Hong Kong, producing large amount of taxes on lottery as well as overall economy effects for the Hong Kong government. The China Jockey Club aims to study implementing horseracing lottery into the current sports lottery system in China, in addition to its other objectives.
The club has a special working group for this purpose. Horseracing lottery has been absent for 15 years in the mainland. For some time now, some experts and scholars have been calling for its reintroduction. According to some surveys and research by some department in General Administration of Sport of China, horseracing lottery would provide 6 million jobs, improve relevant business chains, and stimulate at least RMB 17.79 billion in domestic demands, yielding RMB 300 billion industry values.
The situation of Chinese domestic economy development provides a good opportunity for horseracing and lottery. With a raised living standard, the public require more entertainments and leisure activities. From an economic perspective, horseracing is just the thing needed to stimulate inner demands which would push the economy growth.
The Chinese stock market witnessed a raise for stocks that contain horseracing elements on October 16. Companies that have equestrian businesses include Shanghai Nine Dragon Co. Ltd., Wuhan Sanzhen Industry Holding Co. Ltd., Guangzhou Pearl River Industrial Development Co.Ltd, etc.