On September 18, 2024, the State Council Information Office held a press conference on the theme of Promoting High-Quality Development. According to Zhou Jinqiang, deputy director of the State General Administration of Sport, the scale and added value of China’s sports industry have significantly increased since the 18th National Congress of the Communist Party of China. The growth rate of the sports industry has consistently exceeded that of the GDP, and its share of the national gross product (GDP) has been rising. Specifically, the annual growth rate of the sports industry’s added value has reached 15.4% from 2012 to 2022, with the share of the sports industry’s added value in the GDP increasing from 0.60% to 1.08%.
The sports industry has seen remarkable progress in service trade, with the total imports and exports reaching 528.9 billion yuan in 2023, marking a 178% increase from the previous year. This growth underscores the rapid expansion of China’s sports industry and its increasing global competitiveness.
To further promote the development of the sports industry, the State General Administration of Sport is formulating more supportive policies. The administration is also actively encouraging and guiding the development of event economies, aiming to harness their potential for economic growth. In terms of public sports facilities, the administration is providing subsidies amounting to 2.3 billion yuan to support the construction of 17,000 fitness facilities at the grassroots level. Additionally, efforts are being made to enhance market supply by continuing to invest in the development of outdoor sports facilities, including mountain and outdoor adventure camps, aviation flight camps, and car camping facilities.
The digitalization of the sports industry is also experiencing explosive growth. The administration is leveraging technology to enhance the user experience and engage new demographics, particularly the elderly population, who are expected to become a significant user base. This trend is indicative of the industry’s adaptability and its willingness to embrace technological advancements to meet the evolving needs of its users.
In conclusion, China’s sports industry is on a trajectory of rapid growth, driven by a combination of supportive government policies, technological innovation, and a growing global demand for sports-related services. The sector’s increasing contribution to the national economy and its potential for further expansion make it a key area for investment and development.
This report highlights the significant strides made in the sports industry over the past decade and the potential for continued growth in the future. As China continues to invest in and develop its sports sector, it is likely to become an even more prominent player in the global sports industry.
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