A foreign jockey rides on his horse before a race.Photos by Bai Menghechaolu / For China Daily

Teo cites the successful example of the annual Dubai World Cup, which does not allow wagering. The $10 million-plus bonus for a single race makes it probably one of the most luxurious sports events in the world.

"We cannot compare with Dubai right now, but as China has a great potential horse-breeding market, the bonus will increase little by little," says the Malaysian, who confirms the event will be held annually.

Still, Dugarjavin Manglai, vice-president of Hohhot-based Inner Mongolia Agricultural University and secretary-general of the China Horse Industry Association, worries these fine horse breeds would be too removed from people's daily life and thus lack a solid foundation of fans if they were limited to high-level competitions.

He expects a big market for these horses, accompanied by the public's full participation, and reveals that China is second only to the United States in raising the largest number of horses.

"I don't believe betting on horseracing will surely lead to gambling," he says. "It can copy the model of a sports lottery, but relevant rigid regulation is a must. Before policies are ready, it would be premature to promulgate a horseracing lottery."

Nevertheless, Teo Ah Khing adds that a promising scenario, whatever its form, will only be nurtured by a sound thoroughbred nursery industry in China.

"Grasslands in Inner Mongolia are home to a large number of ranches and horses, it should be where the industry begins in China," he says. "A self-sustainable system will also become a driver of jobs. The example here can be a guideline for the whole nation."

Thoroughbred racehorses and their jockeys race at the first China Equestrian Cultural Festival.Photos by Bai Menghechaolu / For China Daily

Louis Romanet, President of the International Federation of Horseracing Authorities, a Paris-based organization overseeing member countries' breeding, racing, and wagering rules, cited his homeland of France as an example while attending CECF. More than 75,000 people benefit directly from the horse industry in his country, 45,000 in the relevant agricultural activity, he says.

"The horse industry in France is in a situation of full employment and creates new jobs every year for young people," he says, expecting the number will be much more in China if a modern nursery industry is built up.