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A deal was signed with Formula One chief Bernie Ecclestone yesterday, allowing the coastal city to become the latest destination on the Grand Prix calendar.
The Shanghai International Circuit Co Ltd won the seven-year contract to host races. A 2 billion yuan (US$240 million) circuit is expected to be completed by March 2004, just ahead of the start of that year's Formula One season.
The circuit is designed to hold more than 200,000 spectators and also includes a theme park.
It is China's second attempt to join the Formula One club, as the southern city of Zhuhai tried about nine years ago but failed to meet international standards.
The deal in Shanghai follows a move by the sport's governing body, FIA, to accept the Gulf state of Bahrain into the Formula One fold earlier this month.
(China Daily October 22, 2002)
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