Deal puts F1 cars on grid in Shanghai
( 2002-10-16 11:36 ) (1 )

Formula One racing cars are revving up for competition in Shanghai with the chequered flag set to fall on a six-year deal to stage the prestigious races in China.

A top official with Shanghai International Circuit Co (SIC) said F1 supremo Bernie Ecclestone will sign the deal in Shanghai on Sunday.

Yu Zhifei, deputy general manager of SIC, said races will be held in China from 2004 until 2010.

Max Mosley, president of motorsport's governing body International Automobile Association, will attend the opening ceremony of the Shanghai Circuit tomorrow.

The 5.451-kilometre race track is located in Jiading Automobile City, 40 minutes drive from central Shanghai.

The 50-billion yuan (US$6 billion) project was launched last year to create a suburban centre for auto manufacturing, exhibition, logistics, sales and service in the coming decade.

In addition to the 2.5-square-kilometre track with the slogan "Speeding With Shanghai," Shanghai plans to build a 2.8-square-kilometre complex including a theme park and commercial functions.

The government-backed company has invested 2.5 billion yuan (US$301.2 million) in the initial phase of construction, which will be completed in March 2004.

According to government strategy, the project is a key contributor to the city's economic development.

An F1 Championship in Shanghai would make China only the third Asian country, after Malaysia and Japan, to hold such an event.