Govt paves way to profit for sports investors

China will open up the million-dollar market of organizing commercial and mass sporting events, a move that will scrap the two-decades-old rule requiring government approval for such events and encourage more private investors in the State-dominated industry.

The decision, made at the State Council's executive meeting on Tuesday, is expected to "unburden enterprises to the utmost and give vitality to all kinds of sporting resources", according to a statement released on Wednesday.

Currently, all sporting events are subject to the approval of China's General Administration of Sport and its local bureaus. These sports watchdogs charge fees based on an event's importance and ability to attract advertisers.