File photo of a practice session for the Chinese F1 Grand Prix. The Shanghai government has committed itself to hosting the Formula One Chinese Grand Prix for seven more years. -- PHOTO: REUTERS
THOUGH the Formula One Chinese Grand Prix has generally run at a loss, the Shanghai government has committed itself to hosting the event for seven more years.
'F1 gives a boost to many of the city's industries, including hotels, restaurants and car sales. It also raises Shanghai's international image by exposing the city through global media and gives Chinese enterprises an advertising platform to make themselves known on the international stage,' said Yang Yibin, marketing manager with Juss Events, one of the race's organisers.
'Taken all together, F1's overall benefit to the city is more than enough to offset the losses in operations,' Mr Yang said. The Shanghai government this month announced it had extended its deal to host the Chinese Grand Prix until 2017. The race was first held in Shanghai in 2004.
The popularity of the race has declined in recent years. Attendance at the race peaked in 2005, attracting 270,000 spectators, but dropped to 155,000 last year, which was a recovery from a low of 120,000 in 2009, according to figures released by Juss Events.
But Chen Yiping, deputy head of the Shanghai Municipal Sports Bureau, said during the organising committee's press conference on Feb 16 that the race had brought Shanghai more than 10 billion yuan (S$1.93 billion) in direct and indirect economic benefits over the past seven years. -- CHINA DAILY/ANN
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