Fans of Formula 1 racing in China rejoice as the FIA, Shanghai Juss Sports Development Group (SJSDG), and Shanghai International Circuit Mangament and Development have agreed to continue hosting the motorsport for three more years. With it, the Shanghai International Circuit will continue to be a part of the Formula 1 World Championship until 2020.

“We're very pleased to have reached an agreement which will see the Formula 1 Chinese Grand Prix continue as a fixture of the Formula 1 World Championship for at least a further three years. This great country has already demonstrated an overwhelming show of interest in our sport and we firmly believe there is still a great deal of unexplored potential here,” said Chase Carey, Chairman and CEO of Formula 1.

Apart from being pleased with the contract renewal, Carey also said that they plan to make the Chinese Grand Prix even more spectacular, while also bringing the fans closer to the sport. Carey also gave thanks to the Shanghai Municipal Goverment for its continued support.

For Jiang Lan, Chairman of SJSD, he considers the Chinese Grand Prix as a key fixture not only in Formula 1 but for the Asia Pacific motorsports scene as well.

“Since its Shanghai debut in 2004, the Formula 1 Chinese F1 Grand Prix has become a motorsport show piece for China but also a fixture for all of Asia Pacific’s and global motorsports fans. It is the most highly anticipated annual event in the city of Shanghai,” added Lan.

While both China and Singapore have agreed to continute hosting the prestigious motorsport, Malaysia has opted to stop holding the motorsport event altogether. Last April, the country officially announced that it will stop hosting Formula 1 after the 2017 season. There is no word yet if another country will replace Malaysia for next year's racing calendar.