China reveals multi-billion dollar investment plan for sport
China today revealed plans to create a CNY5 trillion (£503 billion/$813 billion/€636 billion) sports industry by 2025.
The Government hopes the sector will provide a sustainable national income, while promoting fitness through various sports to see more than 500 million people exercising regularly.
It also aims to grow its average area of sports facilities to two square metres per person from the 1.2m² that was recorded at the end of 2010.
“The notion of investment in health is taking firmer root among the people and physical fitness is gaining more attention,” Liu Peng, head of the sports administration, told Chinese state news agecny Xinhua.
The Chinese Government said it will also break down industrial and policy barriers, such as complex administrative approval procedures, to support the growth of the sports market, while opening to the public all fields that are compliant with existing laws and regulations.
It will also welcome private and foreign capital investment in the domestic sports industry.
The move comes as the nation’s capital Beijing is locked in a bidding race alongside the Kazakh city of Almaty to host the 2022 Winter Olympic and Paralympic Games.
The International Olympic Committee is due to choose the host city at its Session in Kuala Lumpur on July 31 next year.