(Yicai) March 21 -- The Chinese Grand Prix, a key stop in the Formula One World Championship, kicked off in Shanghai today, with attendance projected to reach an all-time high of around 220,000 spectators.

"We issued 17,000 more F1 tickets this year compared to last year, and the event is projected to attract nearly 20,000 additional spectators over the three-day period,” Huang Ming, general manager of a unit of the local race promoter Jiushi Group, told Yicai.

First held in 2004, the Chinese Grand Prix returned last year after a four-year hiatus due to the Covid-19 pandemic, and marked the first home-turf appearance of driver Zhou Guanyu. This year, Zhou is a reserve driver for the Ferrari team.

The motorsports event drew around 200,000 spectators last year, generating direct economic benefits of CNY1.4 billion (USD193.1 million), according to Shanghai's sports administration. It also boosted visitor and consumer spending by CNY3.9 billion, which contributed CNY137 million in taxes to the city’s coffers.

Shanghai is taking advantage of the event to roll out more cultural and tourism experiences. The Shanghai Auto Culture Festival started today in Jiading district to showcase the city's car culture to the world. Thanks to these efforts, the Chinese Grand Prix is expected to generate higher revenue in 2025 than last year, Huang noted.

Moreover, Spring International Travel Service, a Shanghai-based travel agency, launched the F1 Race + City Sightseeing Bus + Broadway Mansions Hotel package right after it was confirmed that the Chinese Grand Prix would be held this year at the Shanghai International Circuit. The package sold out last month, Yicai learned from Vice General Manager Zhou Weihong.

Trip.Com Group, China’s biggest online travel agency, also introduced packages such as the Three-Day F1 Pass + Two Nights of Stay, Three Days of Free Travel, and Single-Day F1 Pass + Shanghai Disney Resort Ticket combo. The platform told Yicai that over one-fifth of ticket buyers were overseas visitors.

Trip.Com added that hotel bookings within three kilometers of the local F1 racetrack surged 67 percent week on week, with reservations during the three-day event period almost tripling from last weekend. Prices also saw temporary spikes.

Editors: Dou Shicong, Emmi Laine