Formula 1 supremo Bernie Ecclestone is hopeful that he can secure a contract extension for the Chinese Grand Prix, having opened talks with Shanghai authorities this weekend.
The race's current deal runs out next year, with a lack of spectator and corporate interest in the event having put a question mark over whether or not local authorities would be willing to bankroll a contract extension.
However, Ecclestone said he was optimistic about the situation after speaking to representatives for Shanghai over the weekend.
"We are here forever," said Ecclestone when asked about his feelings on the future of the race. "As long as there is China we will be here.
"It is a fantastic race. Everything is good here. It shows the world what we can do in China."
Ecclestone does think, however, that Chinese businesses need to do more to support the nation's grand prix. This year the race is without a title sponsor after oil company Sinopec opted not to extent its deal.
"At the moment the corporations here have not realised exactly what they can get out of F1," said Ecclestone. "I tell you what is a little bit disappointing is that it is not supported more by local companies.
"They are missing an awful lot, especially those people exporting. You can get worldwide exposure. In China nobody cares about brand names, and it is a good opportunity to get your brand out there."
With South Korea and India due to be added to the F1 schedule over the next two years, Ecclestone has echoed recent comments that he believe Asia will be the future centre of grand prix racing.
"When I decided to bring F1 to Asia everyone said I was mad. It is super. Asia is growing and lots of parts of the world are dying. That is the difference. "