China's sports industry still under-developed

13:42, December 21, 2010      

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China's sports industry is still relatively under-developed, even though the country has won numerous gold medals at international sports events, an Economy &Nation Weekly report said Monday.

The report said that although the marketization of China's sports industry was started about 20 years ago, yet the process is not complete, and the country's sports industry is still weak, which accounts for only 0.52 percent of China's GDP in 2008, while in some developed countries, the number often exceeds one percent.

The main business of China Sports Industry Co. Ltd., which is considered the nation's leading sports-related company, is real estate. The company said that its real estate business accounted for 727 million yuan ($108.92 million) of its revenue, or 75.32 percent of the company's total revenue, in 2009. In the first half of this year, revenue from real estate accounted for 80.58 percent of its total revenue.

The report pointed out that the slow development is due to several reasons: the competitive market of sports industry in China is not well-developed; administrative departments focus more on competitive sports and neglect sports as leisure activities; Chinesegeneral public lack of interest in sports and fitness.

Source: Global Times
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