China nets six-year GP deal

Speaking at the official opening ceremony of the 'Shang' circuit, Mosley praised the efforts of the Chinese authorities and their commitment to producing a world class racing facility, which will attract substantial foreign interest and investment.

"Formula 1 is the biggest annual global sporting event - and it has been my ambition since becoming FIA President, that Formula 1 should have a home in the world's largest nation - that ambition will be realised in 2004 when the world of Formula One will arrive in Shanghai," he said. "Let me thank everyone involved in this project, including the Motorsport Federation of China and say how much I look forward to returning in 2004 for the first Formula 1 Grand Prix of China in Shanghai."

The 5.44km track has been designed by Hermann Tilke, and will resemble the Chinese character 'shang'. It will cost an estimated $244 million, accommodate 200,000 spectators and should be completed in March 2004.