Shenzhen to set up $30mn annual sports fund

China’s southeastern metropolis of Shenzhen has announced it will set up a new development fund for its sports industry with an annual budget of CNY 200 million ($30mn) for the 2017-2020 period.

The reserve will be used for funding sports projects such as sporting events, and refurbishing or building of potential clubs and sports-themed industrial parks. The projects will be supported by direct investments or in the form of subsidized loans or bonuses.

The municipal government of Shenzhen recently published their sports industry goals and plans in an official statement. From 2017 to 2020, Shenzhen will enhance their support for those sports which are popular among Shenzhen residents and those sports with great marketing potential, such as soccer, basketball, volleyball, table tennis, badminton, golf, sailing and marathons.

Bringing more premium sports brands to Shenzhen is also one of the priorities of the government. In terms of the sports industry revenue, Shenzhen targets the gross value added of the sports industry to increase 15 per cent annually and to contribute up to 1.2% of its GDP by 2020.

Alongside the set up of this fund, the Shenzhen municipal government also encourages every district of Shenzhen to set up a special fund to attract more social investments to the sports industry.

More details on these venues will be available at the next Coliseum Summit ASIA-PACIFIC, October 25-26, 2017 in Beijing, China. Continue to follow Coliseum Summit, a global series of stadium and arena business conferences, for latest updates from around the world.

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