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BEIJING , Dec. 8 (Xinhua) -- China's sports industry is expected to account for 0.7 percent of the GDP with an added value of 400 billion yuan (about 62 billion U.S. dollars) in 2015, a senior sports official said here on Tuesday.


"According to current situation, it is expected that by the end of 2015 the sports industry will basically realize the goal set by '12th Five-Year Plan', namly an added value of 400 billion yuan and accounting for 0.7 percent of the GDP," Feng Jianzhong, deputy director of the State General Administration of Sport of China (SGAS) , told a press briefing.


"By 2020, the total scale of sports industry is expected to exceed 3 trillion yuan and the sports industry's added value account for 1 percent of the GDP," he added.


China's cabinet, the State Council, issued the "Suggestions on Accelerating Development of Sports Industry and Promoting Sports Consumption" last October, aiming to boost the development of the country's sports secotr and grow it into a 5-rillion-yuan industry by 2025.


According to Feng , the SGAS has simplified administrative examination and approval procedures, rescinded examination and approval of commercial and mess sports events and reformed on large-sized sports venues operation and management system, including granting subsidy worth of 870 million yuan to 1,212 sports venues for free-of-charge or low-charge use by the public.