A sponsor's view

Jiang's optimistic view of the future is echoed by other stakeholders - officials, sponsors, racing teams and drivers.

After operating without a title sponsor for two years, the Chinese Grand Prix last summer signed an agreement with Swiss bank UBS. It became F1's fourth global sponsor of the whole F1 series, alongside the German insurer Allianz, the German logistics giant DHL and the South Korean conglomerate LG.

"The Shanghai race is the only title sponsorship we have globally," Yoon Chi-won, chairman and CEO of UBS Asia Pacific, told China Daily. "It just underscores the significance that China has to us and reinforces our commitment to China.

"Large global organizations are always looking for global sponsorships," Yoon said. "For us, as we began to think about relaunching our brand campaign last year, this is one of the few global platforms that we thought were suitable for us.

"There are Grand Prix in seven of the 13 countries where we operate. It's very relevant to us.

"I think it's a way for us to demonstrate that we fulfill the huge commitment to China and we devote a lot more resources to China. It's a great time to turn Shanghai GP to a very successful event. China is the largest car market in the world now, luxury brands are coming in and people are more interested in the event," Yoon said.

The team Mercedes' head agreed. "A lot of people get to know Shanghai well as they follow the sport to China, and a lot of Chinese get to know F1," said Norbert Haug, Mercedes motor sport vice-president. "Through holding the race, the country, the city and the sport in China will all benefit."

'Great legacy' for China

Chinese people have become more enthusiastic about motor racing since the F1 came to Shanghai, Haug said, even without a countryman driving a Formula One car. Li Wei, deputy director of the marketing department of Juss Event, said most fans are highly educated young people, so the future looks bright for the sport in China.

"When the world's top motor sport event came to China, it broadened our minds as its organization is of the highest class," said Zhan Guojun, vice-president of the Federation of Automobile Sports of China. "Hosting such an event also leaves a great legacy to the sport in China, such as professional referees and organizing staff."

The number of drivers, including those in rally, cross-country and circuit races, increased by more than 400 to 2,680 over the past year, Zhan said. More than 100 motor sports events were held nationwide last year, compared with some 30 races in 2004. And since the Shanghai circuit was built for F1 (it is also used for other races), three more circuits have been built in the country - in Chengdu; Zhaoqing, Guangdong province; and Ordos, Inner Mongolia autonomous region - and two more are under construction.

For the Dutch-born driver Tung Ho-ping, the first ethnic Chinese driver in Formula One, it's a golden chance for the sport to be promoted in the country.

"There is another seven years for F1 in Shanghai. It's very important not only for the sport in China, but also for me, because having a race here can further make the Chinese people aware of F1 and further make them enthusiastic about the sport." Tung became a reserve driver for team Renault last season.

Big payoff in time?

CEO Jiang is eager to develop the Chinese GP into a multi-functional platform - for the local government to attract business investment, an opportunity for the city to boost tourism, a shortcut for local brands to go to the world, as well as a festival to entertain the citizens, especially the fans.

"The F1 sport has a long history, but we only have seven years of experience holding the event in China. If I have 30 years, I am sure the race will be much better and more mature than it is now," Jiang said.

"The deficit is not the most important thing. And I believe the deficit in my accounting books will turn out to be the payoff in the mayor's."

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