Michael Owen has teamed up with Mark Wright to develop football schools and coaching across China.
The former England internationals unveiled their new venture, Red Sports, at Liverpool’s International Festival for Business (IFB2016).
The business will assist Chinese provinces and the private sector in China in the training of football coaches, the development of football academies and the development of football schools.
China is aiming to be a world football superpower by 2050 and has wants to develop a national team capable of winning the World Cup.
Following President Xi Jinping’s visit to the UK in October 2015 and the Chinese Government’s series of announcements regarding the development of football, the country is undergoing a transformation regarding the sport.
High profile recent signings to the Chinese Super League include Alex Teixera (£38.4m) and Jackson Martinez (£31m). The country as a whole has pledged billions of dollars to revitalise the sport, increase its popularity and improve facilities across China.
Owen, who also played for Real Madrid and Manchester United, said: “To improve the future of the national team you have to start at grassroots level.
“Our programme will provide children in China with the opportunity of learning about football and the benefits of a healthy lifestyle and improved fitness.
“This is a strategic plan that will provide an ongoing stream of talented youngsters from which the clubs and the China national team will undoubtedly benefit.”
Wright added: “We are delighted to be at high level discussions within the Government in China and the response to the programmes has been amazing.
“We will be utilising not only mine and Michael’s experience but we have also secured a stable of high-profile former footballers who will be assisting in the delivery of the programmes.
“This puts Red Sports in a unique position to develop future talent with the use of legends within the game.”
High profile officials and more than 60 Chinese delegates attended the press conference held at the Exhibition Centre Liverpool on the second day of the IFB2016.