Editor's note: This year marks the 70th anniversary of the founding of New China.

In April 1992, the Jinma Cup, a key event in the China Horse Racing Championship, was held at the Huangcun racetrack in Guangzhou, Guangdong province, as seen in the item from China Daily.

It marked the return of horse racing to China after a lapse of decades.

But the racecourse was closed in 1999. During the seven years of its operation, over 700 races were held, raising charity funds of more than 300 million yuan ($44.8 million).

In 2000, the Central Commission for Discipline Inspection closed a number of racecourses in a crackdown on gambling.

Things began to change in 2008, when the China Speed Horse Race Open was organized in Wuhan, Hubei province.

The event marked the first step toward legalizing the sport.

In 2008, Alex Hua Tian became China's first equestrian Olympian in history.

Since then, China's equestrian industry has grown rapidly.

According to the annual report on Chinese Equestrian Market Development released by Horsemanship magazine, there were 37 registered equestrian competitions in China in 2017, including show jumping, dressage and eventing.

There were about 900 equestrian clubs around China in 2016. A year and a half later, the number had jumped to 1,452 and membership of China's equestrian clubs now tops 1 million.

To gain the expertise required to run such a project, the Wuhan Commercial Service College opened the country's first horse-racing management course in 2008.

In 2013, the first China Equine Cultural Festival was held in Hohhot, capital of the Inner Mongolia autonomous region.

Despite the opening-up of horse racing, authorities have maintained the ban on betting at racetracks.

Earlier last year, the central authorities announced a plan for the future development of Hainan province, which encourages the southern island to develop horse racing and explore opening new types of lotteries connected to sports and international competitions.