Wang Jingbin of China celebrates with teammates after he scored against Croatia in the Gree China Cup in Nanning. Photo: Reuters/Stringer

The China Football Association (CFA) published its 2017 financial budget for the first time on Tuesday afternoon, revealing plans to spend 670 million yuan (US$97.52 million) to support national soccer development, The Beijing News reports.

Of the total, 186 million yuan goes to football teams representing China at any level, mainly to pay for organized training and competitions, as well as the salaries of coaches.

Another 33 million yuan will be spent in training coaches, and hiring foreign and domestic football experts to cultivate soccer talents.

Some 121 million yuan is allocated to support the training of youth and 64 million yuan will be set aside to promote women’s football.

In data released at the 10th CFA Youth Commission Conference last year, spending on training young people and soccer competitions reached 54.3 million yuan in 2016. Compared to the 2017 budget, the CFA has doubled its spending in these two sectors.

The CFA also plans to spend a total of 88 million yuan on major competitions, including China League One (also known as the Chinese Jia League) and the CFA Second League (abbreviated to C2L).

Some 243 million yuan will be set aside for other expenditure including promotional fees, operational costs and investment in the National Soccer Training Centre.

According to the annual work report of the CFA, total expenditure in 2017, will come to 670 million yuan, a 45% increase from last year. While a 2% increase from 2016 is expected in the 2017 budget for total revenue of 780 million yuan.

Under reforms in 2015, the formerly state-run CFA operates as a private, non-profit organization, so it is a financially independent institution separate from the central government budget.

Ruihua Certified Public Accountants, which is in charge of auditing the CFA’s accounts, said the association and its subsidiary China Football Industry Development Corp earned 764 million yuan in 2016, with costs and expenditure of 548 million yuan, The Paper reported.

The Paper added that the association and the subsidiary owns total assets valued at 641 million yuan, with liabilities of 242 million yuan. The net asset value is 399 million yuan.