Projected to have brought more than 5 billion yuan (US$685 million) in direct and indirect economic benefits to the city, according to the organiser, the prestigious motor race is among the more than 170 international and national sports events that are scheduled to take place in Shanghai this year.
And Shanghai’s fervour for holding large-scale sporting events is being shared elsewhere in China as local-level policymakers increasingly turn to the sports industry to stimulate consumption and drive growth amid a challenging economic landscape.
“Despite an overall slowing economy, the sports industry has stood out in recent years and is becoming a focus for more local governments, particularly in terms of integrating it with other fields,” said Liu Dongfeng, a professor from the School of Economics and Management at Shanghai University of Sport.
