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And while the Olympics and the World Expo are up-coming in the years ahead, the world-famous Formula1 Grand Prix racing will start its engines soon in Shanghai on September 24th. The glamorous event not only gives Chinese F1 fans a golden opportunity to see the race, but also powers the city's economic development.
The Formula 1 racing circuit has finally been built in the eastern Chinese city of Shanghai. With a total length of 5,741 meters, the circuit is believed to be one of the most difficult racing grounds and can accommodate some 200 thousand spectators. And with the great pulling power associated with the event, business opportunities can also be slotted in. As a local tour guide, Zhou Weihong, says the benefits of the event are already taking shape in Shanghai.
"In the west part of Shanghai that is close to the racing circuit, hotels' booking price are double or even higher. A three-star hotel costs about US$100 a night. Many hotels are booked out already. The event is expected to bring over 1.2 million spectators from both home and abroad."
In addition to hotels and tourist agencies, the auto industry and even the transport sector are also expected to benefit from the event. Organizers say they expect some US$5 billion worth of revenue to be generated within the next ten years. A racing theme park will also be established in Shanghai. At the same time, China's western provinces and cities will be targeted as a main race-car manufacturing and trading base.
Apart from Shanghai, China's petroleum giant, Sinopec, could be another big beneficiary. The oil giant has paid 18 million US dollars to sponsor the event for the next two years. Like many of the world's famous companies such as Mobil and Shell which have achieved great success with Formula 1 racing, Sinopec also expected a great rise of the company's prestige in the international market. President of the company, Wang Jiming had this to say:
"We looked more on the invisible value and potential benefits to our company by sponsoring the event. We believe, via the media of the Formula 1 racing, the prestige of our company and our brands could be greatly improved."
Big sporting events like Beijing's Olympics and Shanghai's Formula 1 racing are certain to bring huge benefits to any related companies. They will also fuel the country's overall development and boost China's image on the world stage.
(CRI June 9, 2004)
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