China confident of new F1 deal

"It hasn't been announced because there are still a few technical issues to be sorted out but we're in good shape," Leon Sun of race promoters Juss Events told Reuters on Friday.

"It looks good at the moment. We've got until October this year to sort it out but I'm confident that we'll have something before that," he added.

The future of the event, which made its debut on the calendar seven years ago, has been in doubt following huge loses during that period.

F1 supremo Bernie Ecclestone was critical of the organisers during this year's race, saying the lack of advertising was to blame for the poor attendance figures.

"We are trying to build something," Sun said. "Obviously, compared to races in Europe we still have a long way to go to build the market. We improve every year and I think Bernie appreciates and understands this."

McLaren boss Martin Whitmarsh said the Chinese race was important for the sport.

"Being here is important not just to our road car companies but is important to all of our partners in Formula 1," he told Reuters.

"We're here to create brand exposure and differentiation for the Vodafones, the Exxon Mobils, the Mercedes Benz. This is an important market, so Formula 1 must make sure that it continues to make a success of the Chinese Grand Prix."