Inner Mongolia sets a sports development foundation

(chinadaily.com.cn)

Updated: 2015-04-22

North China's Inner Mongolia autonomous region established a sports development foundation in Hohhot recently.

The Inner Mongolia sports development foundation is a public offering foundation. Its fund will be mainly used to develop public sports activities, cultivate sports talent, develop sports immaterial assets and invest in the sports industry. The foundation is expected to integrate more social resources and expand the region's sports industry and influence.

The foundation has received congratulations from the China Sports Foundation, as well as a donation of 1 million yuan ($161,300). Moreover, over 40 other enterprises and institutions, including the Inner Mongolia branch of China Development Bank, plan to donate to the foundation.

Humanistic concerns will be the top priority for the foundation, said Tang Jingfeng, head of Inner Mongolia Sports Bureau, at the foundation's unveiling ceremony.

The foundation's interest and added value will be used to help the region's retired athletes, coaches and disabled athletes, Tang added.

He also encouraged the foundation to be a bridge linking the region's sports units with other scenes.