Podium position for sporting goods
Li Ning's igniting of the cauldron at the 2008 Beijing Olympics opening ceremony can be viewed as a symbolic beginning of the growth of the sports goods industry in China.
Li, 51, known to millions of Chinese as the "Prince of Gymnastics", is now the chairman of a billion-dollar Chinese sporting goods firm, Li Ning Co Ltd, which he established after retiring from the sport in 1990.
After the Olympics, the company was the first major Chinese sports brand to begin making inroads into the United States. It invested $10 million in 2010 with the goal of reaching US sales of $50 million.
Li Ning opened a Portland, Oregon, showroom and signed endorsement deals with basketball players Shaquille O'Neal and Evan Turner with an eye to increasing sales through celebrity association. Also anticipating a post-Olympic boost was Adidas. The global sportswear brand said it expected double-digit growth in apparel, footwear and accessories in China in the years following the event, with basketball taking the lead.
This was despite the fact that the Beijing Olympics coincided with the beginning of the slowdown in the global economy.
For the five years to 2014, revenue for the sporting goods wholesale industry in China grew by 6.5 percent annually to an estimated $35.7 billion, according to IBISWorld, a market research organization based in Melbourne.
"In the past five years, the main factors driving industry performance have been higher consumption in China, large sporting events hosted by China, such as the Olympic Games, and the country's active involvement in international trade within the World Trade Organization framework," it says.
China has the highest share of the world's total exports of sports goods, with around 40 percent. China's State Council, in a document, Guiding Opinion on Accelerating the Development of the Sports Industry in China, had already emphasized the development of the Chinese mainland's sports industry. It plans to take the sales of the industry to 2 trillion yuan ($320 billion) by 2020It also set a decisive goal of attracting non-governmental investment to transform the nation's sporting goods industry.
In China's 12th Five-Year Plan (2011-2015), the government stressed the comprehensive development of the sports industry in which special emphasis was given to advancing the sporting goods sector.
The guideline also reiterated promoting the development of small and medium-sized enterprises by creating a favorable environment and establishing a sound financial service and credit guarantee system.
About 80 percent of the sporting goods industry on the mainland comprises small enterprises.
Meanwhile, Hong Kong is also one of the world's leading suppliers of sporting goods, although the production bases of many companies in the city have largely moved to the mainland.
The majority of Hong Kong sporting goods are supplied to global brands including Reebok, Nike, Adidas, Umbro, Timberland and Quiksilver.
According to the Hong Kong Trade Development Council, only a few Hong Kong manufacturers have attempted to develop their own brands.
After the Olympics, the company was the first major Chinese sports brand to begin making inroads into the United States. It invested $10 million in 2010 with the goal of reaching US sales of $50 million.
Li Ning opened a Portland, Oregon, showroom and signed endorsement deals with basketball players Shaquille O'Neal and Evan Turner with an eye to increasing sales through celebrity association. Also anticipating a post-Olympic boost was Adidas. The global sportswear brand said it expected double-digit growth in apparel, footwear and accessories in China in the years following the event, with basketball taking the lead.
This was despite the fact that the Beijing Olympics coincided with the beginning of the slowdown in the global economy.
For the five years to 2014, revenue for the sporting goods wholesale industry in China grew by 6.5 percent annually to an estimated $35.7 billion, according to IBISWorld, a market research organization based in Melbourne.
"In the past five years, the main factors driving industry performance have been higher consumption in China, large sporting events hosted by China, such as the Olympic Games, and the country's active involvement in international trade within the World Trade Organization framework," it says.
China has the highest share of the world's total exports of sports goods, with around 40 percent. China's State Council, in a document, Guiding Opinion on Accelerating the Development of the Sports Industry in China, had already emphasized the development of the Chinese mainland's sports industry. It plans to take the sales of the industry to 2 trillion yuan ($320 billion) by 2020It also set a decisive goal of attracting non-governmental investment to transform the nation's sporting goods industry.
In China's 12th Five-Year Plan (2011-2015), the government stressed the comprehensive development of the sports industry in which special emphasis was given to advancing the sporting goods sector.
The guideline also reiterated promoting the development of small and medium-sized enterprises by creating a favorable environment and establishing a sound financial service and credit guarantee system.
About 80 percent of the sporting goods industry on the mainland comprises small enterprises.
Meanwhile, Hong Kong is also one of the world's leading suppliers of sporting goods, although the production bases of many companies in the city have largely moved to the mainland.
The majority of Hong Kong sporting goods are supplied to global brands including Reebok, Nike, Adidas, Umbro, Timberland and Quiksilver.
According to the Hong Kong Trade Development Council, only a few Hong Kong manufacturers have attempted to develop their own brands.
