Sports Industry
In recent years, the total output value of the sporting goods industry has increased by about 50 billion yuan a year and the market share of fitness products is also growing year on year. Some sports products are branded after world champions, for example world gymnastics champion Li Ning and world ping-pong champion Deng Yaping.
Since 1994, when soccer went over to a professionalized, market-driven approach, it has attracted some six million spectators every year, generating annual revenue close to 700 million yuan. The seasonal average attendance for CBA professional basketball games is 80 percent capacity. Volleyball, table tennis, badminton, and baseball also provide plenty of match products. The sports entertainment business plays a leading role in the sports industry, stimulating the development of related industries, such as sports sponsorship, TV relay, sports media, sports advertising, and the sports lottery. A government economic forecast indicates that by 2010, the total value of China's sporting goods industry will represent 1.5 percent of GDP.
Only two years ago, many Chinese could not distinguish "F1" from "F4". The 2004 China Grand Prix, however, attracted 260,000 spectators; on September 26, there were 150,000 spectators at the circuit. It recorded the most spectators at a live event and the highest box office value of any single championship ever held in China. All of this indicates the huge potential of China's sports industry. |
