The General Administration of Sport (GAS) of China and China’s National Development and Reform Commission (NDRC) are working to launch a government-supported sport industry investment fund.
The fund will be aimed at boosting sport-related businesses and brands across China as the country continues their efforts to become a global sporting powerhouse.
GAS and the NDRC are currently conducting a joint feasibility study for the fund, with the potential for local governments to leverage fiscal funds and state-owned capital in an effort to attract more social investment.
NDRC vice president, Lian Weiliang, said the investment fund, if implemented, will help boost sports industry development as part of Chinas five-year plan from 2021 to 2025.
“There’s huge potential in the sports market,” Weiliang said.
“The scale of China’s sports sector is set to reach nearly CNY 3 trillion (AUD $624 billion) by the end of this year.
“The government should create conditions to support and cultivate a number of world-class sports market players and sports brands.
“And more efforts are needed to foster new businesses in the sports sector,” Weiliang said.
The industry investment fund would reportedly help China’s five-year plan that includes a focus on national fitness and outdoor sports programmes, as well as upgrading public stadiums and infrastructure.
These plans come after China has recently been linked with a bid for the 2030 FIFA World Cup and GAS announced a new collective ‘Team China’ brand that will be used for all national representative sports, following the example set by the United States Olympic and Paralympic Committee’s ‘Team USA’ trademark that allows broad control of commercial rights.
There has been no confirmation yet from GAS or the NDRC of China regarding when the fund would be formally launched, however China Daily has reported that the government is also working to put together an industry development plan focussing on outdoor sports.