China urges more financial support for sports industry
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New guidelines called for lenders and local governments to invest in facilities for athletes and spectators to help boost the economy.
The initiative to support 'business models that integrate sports with culture, tourism, and healthcare' was announced on Friday by the central bank, General Administration of Sport, the National Financial Regulatory Administration and China Securities Regulatory Commission.
The guidelines encouraged financial institutions to work with sports event organisers, especially for international events, and support everything from loans and insurance to currency exchange.
They also offered support for issuing corporate bonds for projects with large investment scales and long payback periods, such as infrastructure, stadiums, sports parks, and fitness trails.
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They also vowed to support stock market listings for sports industry firms, as well as encouraging private equity to invest.
The guidelines said the goal was to 'optimise the financing function of the bond market, build an equity financing model, improve insurance quality, provide flexible financing leasing services and support companies to expand overseas businesses'.
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