BUSINESS China’s horse racing industry gets policy support

BUSINESS

China’s horse racing industry gets policy support

Global Times

19:33, September 29, 2020

Riders compete in a horse racing competition in Wuhan, Central China's Hubei Province, in 2017. (Photo: VCG)

China will boost the advancement of horse racing by studying, formulating and introducing standards and development plan for national racing events, and establish a classification system for racing events in line with international standards, according to a latest government notice issued Tuesday, a message that drove up the stocks in the sector.

The Ministry of Agriculture and Rural Affairs and the General Administration of Sport of China issued a joint notice on Tuesday suggesting a new development scheme for the development of horse industry from 2020 to 2025, highlighting the advancement of horse racing system as an effort for a further opening-up of the field.

The announcement brought positive news to the sector. A shares of horse racing concept stocks rose on Tuesday, with Hainan Ruize rising to 6.42 yuan, up 9.93 percent.

The credibility of horse racing events will be improved and an admission assessment system for professional employees will be introduced, the notice said.

Meanwhile, China will improve the control system for drugs and prohibited substances on horses, gradually establishing a horse welfare system in line with international standards, and release an annual report on the credibility of China's horse racing, according to the government notice.

One highlight of the scheme is the idea of introducing instant sports lottery and guessing lottery pilot project for horse-racing competitions, which will take place in accordance with the development rules and regulatory requirements.

An industry insider noted that the idea for issuing the notice is to boost the economy and livelihood of the horse breeders, the advancement of the supply chains, as well as China's international influence in horse industry.

"The latest governmental scheme is certainly a good signal for the whole horse industry and we expect the local government will put it into effect," Liang Long, chairman of the Hainan Equestrian Club for Teenagers, told the Global Times on Tuesday, predicting that the places like Hainan could become a pilot with the advantage of a free trade port.

At present, China has achieved some significant progress in horse-related industry including equestrian sport and horse racing, and some horse racing exchange activities have also been held, including the import and export of race horses, said Liang, noting that domestic talents have also gone abroad to race horses and achieved good results.

However, Liang noted that the significance of horse racing is that it can drive the whole horse-related industry chain, which is still premature in China.

"Horse racing might not have to be about lottery but how to create a driving force for the horse-related industry chain with Chinese characteristics," said Liang.

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