China sets off in pursuit of US$980 billion sports economy

China is aiming to build a 7 trillion yuan (US$980 billion) sports sector by 2030 – complete with a series of “internationally influential” sports companies and events – as the world’s second-largest economy shifts to a consumption-driven mode, according to a new central government directive.

Seeking to spur economic growth through sports consumption, the 20-measure directive issued on Thursday by the State Council, China’s cabinet, vowed to promote low-altitude sports events, foster the “ice and snow economy” and cultivate Chinese branded events with international influence.

The authorities increasingly see sports events as a source of economic vigour, with grass-roots events such as the Jiangsu City Football League and the Zhejiang Basketball Association in eastern China having become national sensations in recent months.

At a State Council meeting chaired by Premier Li Qiang late last month, officials were told that “developing the sports industry and sports consumption is an important part of implementing the strategy to expand domestic demand.”

The 2030 target is nearly double the Chinese sports sector’s scale in 2023. According to the National Bureau of Statistics, it was worth 3.67 trillion yuan by the end of that year, with its added value of 1.49 trillion yuan accounting for 1.15 per cent of national gross domestic product.

As enthusiasm for spectator sports grows, central authorities will strengthen coordination and guidance for regions applying for and hosting international events, Thursday’s directive said.

  

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