The sports industry, one of the most promising industries worldwide, is rapidly gaining momentum in China. Although China’s sports industry is still in a young stage of development, this is a good indication of its tremendous potential and bright future.
With the introduction of a series of supporting policies, such as the 13th Five Year Plan for the Development of the Sports Industry, China’s sports industry has been flourishing over the past few years with plenty of room for market growth. By the end of 2015, it grew to RMB 473.7 billion, accounting for 0.7% of China’s annual GDP (as opposed to 1% - 3% in developed economies), an representing a year-on-year growth of 17.3%.
The above supporting policies have also fuelled the rapid overseas expansion of Chinese companies, which are competing for rights in sports event broadcasting, the acquisition of sports assets, and the manufacturing of sports products. Companies such as Internet giants Baidu, Alibaba and Tencent, and cultural & entertainment groups LeTV, Wanda, Suning and China Media Capital, have invested billions of dollars into the industry.
Industry experts predict the coming 10 years will be a golden era for China’s sports industry with the dual driving forces of policy and capital support. [click here to view the Sports page] [click here to view the Sports page]