China makes headway in building country strong in sports: official

China has made remarkable achievements in building itself into a leading country in sports during the 14th Five-Year Plan period (2021-2025), an official said on Tuesday.

Speaking at a press conference host by the State Council Information Office, Gao Zhidan, director of the General Administration of Sport of China briefed the press on China's achievements in this regard over the period. During the 14th Five-Year Plan period, China's sports sector has prioritized high-quality development through reform and innovation. Goals for building a leading country in sports gained greater clarity, with governance capacity improved and multifaceted values emerged.

National fitness initiatives have achieved new benefits for the people, with sports venues reaching 4.23 billion square meters in 2024, increasing by 1.131 billion square meters from 2020. Regular exercisers have exceeded 38.5 percent of the population. During the 14th Five-Year Plan period, Chinese athletes had won 519 world titles and set 68 world records by the end of 2024.

"Our best-ever performance at the 2022 Beijing Winter Olympics and the record overseas achievement at 2024 Paris Olympic Games have firmly established the country as an Olympic powerhouse, demonstrating the nation's new-era image. Hosting the 2022 Beijing Winter Olympics, the 19th Asian Games Hangzhou in 2022, the 9th Asian Winter Games Harbin in 2025, the Chengdu 2021 FISU World University Games, and the World Games 2025 in Chengdu highlights the sports accomplishments in Chinese modernization," said Gao.

Sports industry has grown over 10 percent annually for almost five years, becoming a new highlight in economic development. Events like Jiangsu Football City League ("Suchao", or Su Super League) and Village Super League ("Cun Chao") have gained massive followings. Outdoor sports and winter sports have boosted economic transformation, and traditional sports have gained global reach, expanding international partnerships. In addition, football reform and revitalization are advancing steadily, with new progress achieved in sports safety, Gao added.

China makes headway in building country strong in sports: official

U.S. stocks ended lower on Tuesday as climbing U.S. Treasury yields continued to weigh on investor sentiment.

The Dow Jones Industrial Average dropped 322.24 points, or 0.65 percent, to 49,363.88. The The Standard and Poor's 500 sank 49.44 points, or 0.67 percent, to 7,353.61, and the tech-heavy Nasdaq Composite Index shed 220.03 points, or 0.84 percent, to close at 25,870.71.

A primary source of downward pressure came from the fixed-income market. The yield on the benchmark 10-year U.S. Treasury note climbed back above 4.6 percent, while the 30-year Treasury yield nearly touched 5.2 percent, marking its highest level in nearly 19 years.

The high-yield environment acted as a drag on high-valuation growth sectors, which are particularly sensitive to elevated interest rates. Six of the 11 primary The Standard and Poor's 500 sectors closed in negative territory, with materials and communication services leading the declines by dropping 2.27 percent and 1.58 percent, respectively. In contrast, the healthcare sector gained 1.09 percent and the energy sector advanced 1.03 percent.

Market participants are also focusing on Wednesday's upcoming after-hours earnings release from Nvidia.

U.S. stocks close lower amid rising yields