Grassroots impact

But regardless of whether F1's potential has been fully fulfilled in China, many would agree that the annual race has inadvertently made a positive impact on the local motor sports scene.

The Shanghai International Circuit, which was specially built to host the F1, has since been used to host other top motoring events such as the World Endurance Championships, the FIA World Touring Car Championships and the MotoGP.

A spokesperson from Juss Event Management said that the race has provided a considerable boost to the domestic auto industry and motor racing culture since its inception in 2004, and that the track is today also frequently utilized by many of the world's top car manufacturers such as Audi, Mercedes, BMW, Porsche, Ferrari, Maserati and Lamborghini who hold activities every year to promote motor sports.

One of the most recent developments include the establishment of a youth karting project in Asia that has been backed by F1 supremo Bernie Ecclestone himself. The Formula Kart Starts program, which aims to spot young talent and promote motor sports in Asia, will kick off with the FKS Asia League in China. The selection of up to 50 drivers via a 12-round national tour across six Chinese cities and regions will begin next year, according to Shanghai Jiuxin Event, the Asian promoter of the league.

"The potential for F1 to be a big success is certainly there. The greatest advantage it has right now is the Chinese government's well-documented plans to develop the sports industry in China…one or more Chinese drivers in F1 would be a game changer too," said Dreyer.

There are indeed promising Chinese talents at the moment, though it's hard to tell how long more it will be before a Yao Ming equivalent for China's motor racing scene emerges.

One of the most talked about Chinese drivers is Ma Qinghua, who had previously taken part in a Shanghai F1 qualifying session for the now defunct HRT team. Another driver who recently made the headlines is Sun Yueyang. The 15-year-old became the latest addition to the Renault Sport Academy after a fruitful karting season that saw him finish fifth at the WSK Champions Cup.