The president of the Chinese Basketball Association (CBA), Yao Ming, said on Saturday that CBA aims to build more high-quality sports IPs and contribute to China's sports industry.

China's sports industry hit a new high of $294 billion in 2016, according to the data released during the National Sports Industry Conference in Xiamen where the former NBA star gave a speech and shared his ideas about the industry,

"While competition is the core of sports industry, CBA will bring in more quality sports competitions, or IPs," said Yao.

In addition to the CBA league, Yao and his team are working on other sports IPs, such as 3x3 basketball and China Basketball Open.