China's total trade in sports services reaches 52.89 bln yuan in 2023: official

China's total import and export volume of trade in sports services reached 52.89 billion yuan (about 7.45 billion U.S. dollars) in 2023, said the State General Administration of Sport on Wednesday.

At a press conference in Beijing, Zhou Jinqiang, deputy director of the State General Administration of Sport, briefed on the achievements scored by China since the 18th National Congress of the Communist Party of China (CPC) in 2012.

China's sports sector has achieved high-quality development, with a widespread trend of fitness among the public, remarkable achievements in competitive sports, vibrant youth sports activities, and rapid growth in the sports industry, Zhou said, adding these advancements have contributed to building China into a leading sports nation.

"Since the 18th National Congress of the Communist Party of China, the total scale and added value of China's sports industry have significantly increased, with growth rates surpassing those of GDP during the same period. The proportion of the sports industry in the country's GDP has also continued to rise steadily," said Zhou.

"From 2012 to 2022, the annual average growth rate of the added value of the sports industry reached 15.4 percent, with its share of the domestic GDP increasing from 0.60 percent to 1.08 percent. In 2023, China's total import and export volume of trade in sports services stood at 52.89 billion yuan, marking a 178 percent increase compared to the previous year. At present, China has essentially forged a sports industry system that is led by competitive performances and fitness leisure, with the joint development of sports venue services, sports training, sports manufacturing, and sports media," said Zhou.

China's total trade in sports services reaches 52.89 bln yuan in 2023: official

U.S. stocks ended lower on Wednesday, after the Federal Reserve announced a 0.5-percentage-point interest rate cut.

The Dow Jones Industrial Average fell 103.08 points, or 0.25 percent, to 41,503.1. The Standard and Poor's 500 sank 16.32 points, or 0.29 percent, to 5,618.26. The Nasdaq Composite Index shed 54.76 points, or 0.31 percent, to 17,573.3.

Nine of the 11 primary Standard and Poor's 500 sectors ended in red, with utilities and technology leading the laggards by losing 0.77 percent and 0.51 percent, respectively. Meanwhile, energy and communication services led the gainers by rising 0.25 percent and 0.02 percent, respectively.

The U.S. Fed cut interest rates by 50 basis points on Wednesday, bringing the benchmark rate to a range of 4.75 percent to 5 percent, the first rate cut in four years.

In its policy statement, the Fed said that the decision reflected "greater confidence that inflation is moving sustainably towards two percent" and that the central bank "judges that the risks to achieving its employment and inflation goals are roughly in balance."

Following the cut on Wednesday, U.S. stocks experienced volatile trading, swinging between gains and losses throughout the session.

US stocks close lower on Wednesday following Fed rate cut