China is poised to cement its place on the Formula One calendar, just as some Asian nations fall out of love with the sport.

Sources say that Shanghai is poised to extend its contract to host the Chinese Grand Prix, matching local authorities' intention of building on the event's 14-year success.

Malaysia announced last Friday that it will stop hosting F1 races after this season. The southeast Asian country has hosted grands prix for the last 19 years but attendances have dropped in recent seasons.

And with speculation that Singapore could follow suit, the Shanghai race now has the opportunity to further enhance its profile on the calendar.

F1's other Asian stops are Bahrain, Japan and Abu Dhabi, but China's importance to F1's sponsors and manufacturers is huge, considering it is the world's largest car market, with sales of 28 million last year.

The likes of Mercedes and Ferrari, which have teams in F1, are understandably keen to promote their brands in the world's most-populous country.

The Chinese Grand Prix has become an important calling card for Shanghai, along with several other high-profile events such as the Shanghai ATP Masters tennis tournament and athletics' Shanghai International Marathon and the IAAF Diamond League meeting, according to the recently released Shanghai Sports Industry Development Program 2016-20.