The Chinese Formula One Grand Prix in Shanghai is set to capitalize from Friday's announcement that Malaysia will no longer host an F1 race after the 2017 season.

With further speculation about the future of the Singaporean Grand Prix after this year, it leaves the Shanghai event with an opportunity to become one of the main Asian destinations for F1.

Though some Asian governments have fallen out of love with F1, China has firmly laid out support for the event in the recently released Shanghai Sports Industry Development Program 2016 – 2020.

The Shanghai F1 race, along with several other high profile sporting events such as the Shanghai ATP Masters, Shanghai International Marathon and the IAAF Diamond League track and field meeting, have become important name cards for the city, according to the document.

Sources say that a new contract for Shanghai to continue to host the race will be agreed soon, which matches local authorities' intention of building on the event's 14-year success that started with a series of smart bets.

When a team of engineers and architects first trudged through a large patch of swampland in Jiading district on the outskirts of Shanghai in April 2003, all but the very faithful scoffed at the idea of holding a Formula One race on that spot just 18 months later.

However, the Chinese government was not to be deterred, knowing that the world's second-largest economy should set up its shop front window to one of the world's most watched global sports.

Once the construction plans had been approved, a workforce of 7,000 worked around the clock, laying 40,000 support piles and purchasing Asia's entire supply of polyether to firm-up the swamp. A total of 2.24 billion yuan ($325 million) was budgeted for the entire project, including its enormous grandstands, pit, and paddock complexes.

Circuit deputy general manager Yu Zhifei was bullish about F1's prospects before the inaugural race that "China will not only host its own F1 race, it will have its own F1 racers and team". This has yet to materialize despite China having invested deeply in Formula E, the completely electric racing series.

Thanks to Chinese ingenuity, grit, and determination, just one and a half years later, the inaugural Chinese Grand Prix was held.

Upon arriving at the Shanghai International Circuit, drivers and fans alike stare up in awe at the towering complex, straddled by two gigantic wings at either end of the main grandstand. The circuit can hold up to 200,000 spectators, 29,000 in the main grandstand alone.

Designed by Hermann Tilke, the track itself is also a particular favourite with the drivers.

"It's always nice to go to China. I really like the track. It has a very old style, with many high speed corners and one of the longest straights in Formula One," said Williams veteran driver Felipe Massa.

The importance of the race to many of F1's sponsors and manufacturers is equally as huge. China is by far the world's biggest car market, with 28 million cars being bought in 2016. And so it is imperative for carmakers such as Mercedes, Honda, and Ferrari to get their brands seen.

F1's new owners Liberty Media couldn't agree more about the importance of China and the Shanghai Grand Prix, with CEO Chase Carey saying in a recent interview that as well as traditional markets, Asia is an “important area of growth".

And now that Malaysia, and possibly Singapore, have fallen off the F1 calendar, China has everything to gain and nothing to lose.