China's sports industry developer, the China Sports Industry Co Ltd (CSI), recently signed contracts with China Everbright Bank, Tsinghua Tongfang Co Ltd and TOM.COM Ltd for joint efforts in developing China's sports market.

Under the contract, the CSI can borrow up to 800 million yuan (US$10 million) from the bank. With the money, the CSI will jointly set up a CSI-Tongfang sports science company to develop high-tech sports products, organize sports meets and take part in stadium construction. With Hong Kong-based TOM.COM, the CSI will set up a joint-venture company, specializing in promoting top Chinese athletes, events, TV rights and international patent rights.

Duan Shijia, deputy director of State Sports General Administration, said he hopes the four-side co-operation would help develop China's high-tech and sports media markets. (China Daily)