Sports industry compared to 'gold mine'

China's ambassador to the United Kingdom, Liu Xiaoming, urged British companies to invest in China's sports industry, which he likened to a "gold mine", during a speech at the annual Telegraph Business of Sport conference.

Liu outlined several incentives for UK businesses wanting to expand operations in China's sports market. An estimated 360 million people regularly participate in sports in China and the market is growing rapidly.

The output of China's sports-related industries rose from $165 billion in 2013 to $255 billion in 2015 and is expected to exceed $450 billion in 2020, with sports heavily emphasized in the government's national strategy, he said.