China's sports industry is not just about games and competitions; it's a powerhouse driving the nation's economic and social development. Gao Zhidan, director of the General Administration of Sport, highlighted the sector's pivotal role at the recent National People's Congress meeting in Beijing.
In 2023, winter sports experienced a significant boom, continuing a trend that's been part of China's flourishing sports industry for over a decade. Since 2012, the industry has seen an impressive annual growth rate of 15.4%, reaching a total value of 3.3 trillion yuan (approximately $459.3 billion) in 2022. This marks an increase of 1.3 trillion yuan (about $180.9 billion) in just one year.
Gao emphasized that the thriving sports sector contributes to China's economy in multiple ways. One key aspect is the increasing number of cities hosting various sports events and activities. These events not only enhance the cities' images but also stimulate local economic development by attracting tourism, creating jobs, and fostering community engagement.
The continuous expansion of the sports industry underscores its importance as a catalyst for sustainable economic growth in China, offering numerous opportunities for investment, innovation, and international collaboration.
Reference(s):
Sports director of China: Sports industry key to economic development
cgtn.com