A strategic decision to construct Shanghai International Automobile City has been made by the Municipal People's Government of Shanghai. And Shanghai International Circuit, its legal limited company established in February, 2002 supported by the Party Committee and the Government of Shanghai, constitutes an important part boosting the cultural environment around this Automobile City. Mr. Chen Liangyu, Mayor of Shanghai, attended the ceremony of the company's establishment. This event has demonstrated the formal founding of the principal investing part backed by the Government for the Circuit, and the determination and confidence to construct the international automobile track with global advanced level and to bid for F1world Championship as well.
Shanghai International Circuit Co., LTD. is set up with joint investment by Shanghai Jiushi Corporation, Shanghai State-Owned Assets Operation Co., LTD, and Shanghai Jia'an Investment & Development Co., LTD. with the registered capital of 800 million RMB, its business scope including industrial investment, racing field construction, competition undertaking and operation, land exploitation, etc.
Located in Anting Town, Jiading District with the planned area of 5.3 square kilometers, Shanghai International Circuit is composed of racing zone, commercial and exhibition zone, cultural and entertaining zone and the zone reserved for future development. The construction of the race track area which accounts to 2.5 square kilometer is the first phase of the whole construction project. And the track, designed by TILKE Engineer & Architectural Company, will be completed in mid 2004. At that moment, different auto-races including F1 will surely be held.
Under the guidance of the great plan in the Tenth Five-Year Plan for Social Development and National Economy and according to the strategy of industrial development in the new century in Shanghai, Shanghai International Circuit Co., LTD. will make a new contribution to the cause of economic, cultural and sports construction in Shanghai as well as in China in the spheres of culture around automobile, motor sports and racing tours.