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State Council: CN Govt to Expand No. of Sports Firms Above Designated Scale, Encourage Issuance of E-CNY Sports Consumption Red Envelopes
The State Council of China released the Opinions on Unlocking Sports Consumption Potential and Further Promoting High-Quality Development of the Sports Industry aiming to cultivate...
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State Council: CN Govt to Expand No. of Sports Firms Above Designated Scale, Encourage Issuance of E-CNY Sports Consumption Red Envelopes
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The State Council of China released the Opinions on Unlocking Sports Consumption Potential and Further Promoting High-Quality Development of the Sports Industry aiming to cultivate a number of sports enterprises and sports events with global influence by 2030, and sharply enhance the development level of the sports industry, with a total scale exceeding RMB7 trillion.

The authorities will accelerate the implementation of various policies in the sports sector, supporting private enterprises in participating in sports industry investment and construction, and advancing the enhancement, extension and strengthening of sports industry chain, the opinions added.

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Specialized service initiatives will be organized to upgrade the quality of sports enterprises, expanding the number of sports enterprises above designated size, and guiding more sports equipment companies to grow into specialized, refined, unique and innovative (SRUI) enterprises.

Local governments can introduce preferential measures such as sports consumption vouchers according to local conditions, encouraging eligible regions to issue e-CNY sports consumption red envelopes.

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