Reports that Shanghai will not host a grand prix after 2010 have been rubbished by the company responsible for organising the event.
The long-term future of the Shanghai GP was thrown into doubt after Qiu Weichang, the deputy director of the Shanghai Administration of Sports, revealed that officials were re-evaluating the financial viability of the race.
"We're doing the assessment. By next year we should be able to give you an answer," Weichang told AFP.
"We want to create a win-win situation, for our side and for Bernie (Ecclestone) and the F1 organisers as well.
"If this is something we can do, and our cooperation is very happy and smooth, we will consider it."
But Juss Events, who organise the Shanghai Grand Prix, have insisted that there are no plans to scrap the event and that Mr Weichang's comments were misinterpreted when translated.
"I've spoken to Mr Qiu and he never said the Grand Prix was going to leave China," Leon Sun, the general manager of event management at Juss Events, told Reuters.
"I think it's probably some misunderstanding in translation. I would say it's likely it will stay after 2010. Formula One has only been here for five years. To build a spectator base is not easy, it's a long term operation.
"We think Formula One is a very good product, a very good event for Shanghai city so at least from our company's point of view we want to continue promoting and building the event.
"Research shows there are more and more race fans in China, so I don't think we will say no to the Formula One Grand Prix."
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