At the height of China’s post-Olympic glory, the portal to the “gold mine” of the nation’s sports resources is poised to be unlocked.
China’s sports industry, an untapped gold mine with immense potential business opportunities has, over the years, caught the eyes of many, mostly inside Chinese sports officials and outside gold rushers. Now, the locked door to the treasury is beginning to open.
A Win-win Game
Despite the fact that China’s sports industry has grown by leaps and bounds, it is, comparing with those of the developed countries, still in its infancy and requires nutrients from the “adults”.
“Sports industry in the western world is far more established than that of ours. We should keep an open mind and learn from their experiences and expertise,” Liu Fumin, Director General of the Department of Finance of the General Administration of Sport of China told this author.
Over the years, a series of major international sporting events, such as NBA and F1, as well as some global big-time sports management conglomerate have come to China. Not only did they bring the original live games to the local audience, but also expertise in sports business management.
“The overall level of the operational competence in our industry has improved thanks to their participation,” said Liu.
In turn, international sports brand such as Nike and Adidas have achieved excellent performance since entering into the vast Chinese market.
“Investors ought to have faith in the industry, for the policy of encouraging investment in sports industry is written in stone,” Liu remarked. “During the period of the Twelfth Five-year Plan, there will surely be more favorable policies and business opportunities for the sports industry in China, particularly in the field of sports performance and recreational sports.”As the portal to the “gold mine” is poised to be unlocked, it strikes a win-win for both China and abroad.
Author: Li Zhenyu
Source: People’s Daily Online
Li Zhenyu authors the “Beyond Gold” column for People’s Daily Online.