Shanghai has agreed a deal to host Formula 1 races until 2017, ending months of speculation about the future of the Chinese Grand Prix.
Although work still needs to be completed on the circuit for it to pass an FIA safety inspection ahead of this year's race, the Shanghai Sports Bureau has announced that a fresh deal has been agreed for the event.
Zhao Wen, vice mayor of Shanghai, told local media on Wednesday that officials had managed to negotiate a reduced rate for the event in a bid to keep it on the calendar.
"F1 is a calling card for Shanghai," she said. "I am confident about the success of the event in the years ahead."
Shanghai track bosses have also agreed to reduce ticket prices for the grand prix in a bid to attract more spectators.