China targets $1 trillion sports industry
China released a 15th Five-Year Plan for building a sports powerhouse, aiming to expand the total scale of the sports industry to more than 7 trillion yuan ($1 trillion).
The plan also mandates a crackdown on toxic fan culture in sports and aims to prevent competitive sports and athletes from becoming overly commercialized.
Pure electric vehicles (EVs) dominate
Domestic sales of new-energy vehicles reached 1 million units in June, up 9.4% from the previous month but down 9.9% year-on-year.
Battery EVs accounted for 68.9% of the total, while plug-in hybrids and extended-range EVs made up 23.6% and 7.5%, respectively, highlighting a market landscape dominated by pure EVs.
NEWS SUMMARY
China will impose a 55% tariff on beef imports from Brazil.
China’s Ministry of Finance allocated about 100 billion yuan in childcare subsidies in the first half of the year.
Contact editor Lin Jinbing (jinbinglin@caixin.com)
