A signing ceremony between Shanxi State-owned Capital Investment and Operation Co and CITIC Guoan Group takes place in Taiyuan June 4. [Photo/news.cn]

Shanxi State-owned Capital Investment and Operation Co (SSCIO) will develop the sports industry into a vital engine for the province's economic growth along with CITIC Guoan Group, a pioneer in the domestic sports sector.

According to a signing ceremony held in Taiyuan June 4, a joint sports company established by the two enterprises will integrate and invest funds of over 10 billion yuan ($1.56 billion) in building a modern sports industry.

The two sides will reconstruct sports infrastructure in Shanxi, build sports and recreation towns with complete functions and features, revitalize old stadiums and construct sports entrepreneurship centers.

SSCIO and CITIC Guoan Group will focus on developing basketball club brands, stepping up construction of football, badminton, table tennis and other professional teams in Shanxi, and introducing and organizing large sports events.

Meanwhile, investment in projects related to sports ticket selling, sports goods, sports media and live broadcast will be expanded to foster the industry's development and competitiveness.