F1 drivers navigate a bend at the Shanghai International Circuit. The track has also been used to host major events such as the World Endurance Championships.

F1 a success in China?

However, Tom Elsden, the sports strategy manager at Shanghai tech and social media agency Mailman, said that crowd figures are not an accurate reflection of the state of F1 and motor racing in China.

Instead, he argues that the popularity of F1 is actually at an all-time high in China, saying that while crowd figures over the years have paled in comparison to the peak in 2005, the Shanghai fixture still boasts one of the highest crowd attendances in an F1 season.

"China is the world's largest market for motor vehicles and has a growing middle class flush with money to spend on the latest exotic trends. F1 is the world's most extravagant sport, with a growing focus on the sport's future shifted to Asia and the Far East," wrote Elsden in his blogpost, in reference to the key factors behind F1's growth in the country.

People in China are indeed getting richer, and quick. In fact, the Chinese have displayed such ferocious spending appetites — they spent 1.5 trillion yuan ($231.75 billion) overseas last year — that even the central government has implemented measures to ensure that their citizens spend their money inside their country than abroad.

In addition, the Hermann Tilke-designed Shanghai International Circuit arguably makes for rather entertaining races with its mix of sharp turns and long straights which allow for exciting overtaking maneuvers. Sauber's Marcus Ericsson was one of the latest to express his excitement about racing in Shanghai.

"I think it's a good track to drive on. There are quite a few corners where you can use different lines and there are quite a lot of combinations which are quite tricky. I would miss this place if it's not on the calendar after 2017," said Ericsson at a news conference on April 14.

Other F1 drivers have lavished praised on the local support. Race winner Nico Rosberg said that the lobby of his hotel was always packed with fans trying to get a glimpse of drivers. Ferrari driver Sebastian Vettel also lauded the race atmosphere and the Chinese supporters, calling them the "best fans in the world".

"It's great to see full grandstands and generally the enthusiasm is great. It's a great pleasure to come every year. I think I've been coming for 11 years now and I think it's just getting better so a big thank you (to all the fans)…I'm already looking forward to coming back next year," said Vettel.