China is increasing its target for the sports industry's total gross value, from 5 trillion to 7 trillion yuan by 2025. (Photo : China Daily)
Feng Jianzhong, China's vice sports minister, unveiled on Tuesday a more ambitious plan of the government for the country's sports industry: to reach a total gross value of 7 trillion yuan by 2025.
Feng, who is also the deputy director of the General Administration of Sports of China (GASC), said that the target is expected to be reached, citing the huge potential for the country's sports market, especially now that the professional sports and fitness service sectors are booming.
If the regional implementation plans will be followed, the 31 provinces, regions and municipalities could give an accumulated gross of 7 trillion yuan in a decade's time.
Earlier in October, the sports council released a blueprint targeting the total scale of the Chinese sports industry at 5 trillion yuan by 2025, subsequently accounting to 1 percent of China's GDP.
GASC statistics show that the sports industry gave an added value of 356.4 billion yuan in 2013 to the total gross output of 1.09 trillion yuan.
Though this huge gap between the 2013 figure and the ambitious target has earned doubts, Feng is optimistic that their 2025 goal is achievable.
"Compared to sports industry powers like the United States, the intangible consumption in fitness services and competition relevant businesses remains in low in China, which means we have a greater potential to grow in these areas," Feng said.
By the end of this year, the sports industry's added value is predicted to reach 400 billion yuan, accounting for 0.7 percent of GDP, Feng added.
Additionally, the total scale of the sports industry in 2020 is expected to exceed 3 trillion yuan. This estimate is seen to account for 1 percent of China's GDP.
