China's Great Ski Jump Forward
(Bloomberg) -- If you want an illustration of China's changing economy -- and the heavy hand of state guidance -- look no further than its ski fields. Â
Government officials in the northeastern rustbelt province of Jilin are touring cities in the south to promote ski vacations; China Vanke Co. has acquired and renovated a resort in Beijing (where heavy snow falls are rare) and former gymnast Li Ning is building another retreat in inland Shanxi.
They're part of a headlong rush to get 300 million on the slopes by the time Beijing and nearby Zhangjiakou host the 2022 winter Olympics (at a cost of $3.1 billion) despite a lack of any real tradition in winter sports, scarce natural snow and heavy air pollution.
So while golf is taboo (the target of a Communist Party campaign against the luxurious lifestyle of some comrades), China's increasingly wealthy middle class is being encouraged to splurge on ski lessons, hot spring retreats and ice hockey training sessions for the kids.Â
In Beijing, a government statement has outlined plans to boost revenue from winter sports and related sectors to about $6 billion and get 8 million people -- or a third of the metropolis' population -- to participate in winter sports by 2022.
The number of ski resorts in China more than doubled from 270 in 2010 to 568 last year, and will keep growing, according to a report by Beijing Carving Ski Group, an equipment provider.
In the mountainous region bordering North Korea, Jilin aims to "turn snow into silver" by building up to three "world-class ski resorts" and bring the total number to 60, along with 500 winter sports schools. Dalian Wanda Group Co. is among developers getting busy in the region.
Ice hockey is also gaining popularity. Beijing has expanded its youth club league to the biggest in Asia, boasting 19 clubs, 130 teams, about 1,800 athletes and 698 matches this year, according to the city government. In the financial center Shanghai, more than 500 young athletes are taking training sessions.
Welcome to China's great ski leap forward.
Â
To contact the editor responsible for this story: Malcolm Scott at mscott23@bloomberg.net, Enda Curran
With assistance from Editorial Board
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
-
Wrong Labels, High Pesticide Residues Holding Back Agri Exports | The Reason Why
India needs stronger domestic food-safety and labelling standards, with best practices becoming part of everyday business for farmers, traders and food companies.