China issues guidelines to promote high-quality development of sports industries

BEIJING -- China on Thursday issued a set of guidelines to unleash the consumption potential of the sports economy, as part of broader efforts to drive the high-quality development of related industries.

By 2030, China plans to cultivate a batch of sports companies and events with global influence, propelling its domestic sports industry to a scale of over 7 trillion yuan ($985.2 billion), per the guidelines, which were issued by the General Office of the State Council.

The guidelines outline 20 measures in six fields, including those related to the expansion of the supply of sports products and events, the boosting of sports consumption, support for sports businesses, and the cultivation of new growth drivers in relevant industries.

Specific measures include those to develop the outdoor sports industry, boost the snow-and-ice economy, upgrade sports equipment, expand consumer scenarios, and strengthen collaboration across the sector.

The guidelines also urge efforts to improve the digitalization of sports industries, and to step up support for talent, financing and services in those industries.