The Formula 1 Chinese Grand Prix roared to life at the Shanghai International Circuit in east China on Friday. Over the course of three days, fans are treated to a thrilling spectacle of speed and skill as the world's top drivers are battling it out on one of the most iconic tracks in the sport.
This year's event marks the second race of the 24-race Formula 1 season. Teams and drivers are eager to secure strong results in Shanghai to lay a solid foundation for the long campaign ahead.
The schedule saw official Free Practice sessions and the qualifying for the Sprint race on Friday, followed by the Sprint itself and the Sprint Qualifying session for the main race on Saturday. The climax of the weekend, the main race, will take place on Sunday afternoon.
Charles Leclerc, a driver for the Ferrari team, shared his thoughts on competing in China.
"It's always nice to come back to China. The track itself is very very technical and a very difficult track for me. I think this season we're starting with the two most difficult tracks, so I've got to work a bit harder for Melbourne and Shanghai. But I'm looking forward to the challenges. This is something I enjoy," he said.
Since its debut in Shanghai in 2004, the Formula 1 Chinese Grand Prix has grown into a globally recognized sporting event and a major highlight on the city's sports calendar. As this year coincids with the 75th anniversary of Formula 1, the event has drawn massive interest.
Tickets for the 2025 race were almost sold out well in advance, with an estimated 220,000 spectators expected to attend over the weekend. This impressive turnout is set to surpass last year's record of over 200,000 visitors, further cementing the race's status as a premier sporting attraction in China.
Formula 1 Chinese Grand Prix kicks off in Shanghai
Formula 1 Chinese Grand Prix kicks off in Shanghai
A leading Japanese economist has warned that the Bank of Japan's anticipated interest rate hike will not address the country's fundamental economic problems, calling instead for structural reforms and stronger support for small and medium-sized enterprises.
The economist's comments come as the yen exchange rate continues to hover near 160 yen per U.S. dollar, with Japanese media and financial markets widely expecting the Bank of Japan to announce a rate hike at its monetary policy meeting on June 15 and 16.
"Japanese political and economic scholar Hamada Kazuyuki said: "The future trend of the Japanese economy is also affected by factors such as rising crude oil prices and inflation, and there are no signs of these problems being resolved anytime soon. If left unchecked, they will develop into a serious inflationary trend. This will not only affect enterprises but also the daily lives of ordinary people. Therefore, in order to curb these impacts, the Bank of Japan is taking countermeasures and adjusting toward the direction of raising interest rates. However, whether these measures can truly be effective still remains highly uncertain," he said.
He also noted that the operations of small and medium-sized enterprises in Japan continue to face pressure, and the overall recovery of the Japanese economy is filled with uncertainty. The Japanese government's model of relying on debt to rescue the market only addresses symptoms rather than root causes and cannot solve the fundamental problems of the Japanese economy, he added.
"More than 80 percent, or even 90 percent, of Japanese enterprises are small and medium-sized enterprises. Only a small number of large enterprises have gained profits from exchange rate fluctuations. The vast majority of small and medium-sized enterprises are already on the edge of life and death. Therefore, without more adequate support policies for small and medium-sized enterprises, it will be very difficult for the Japanese economy to achieve recovery or restoration. The current government is in a rather difficult situation. Originally, it said no supplementary budget was needed, but as the economy deteriorates, it has no choice but to rely on supplementary budgets and deficit financing to barely cope. But this is not a fundamental solution. Continuing down this path will only make Japan's situation further deteriorate. Therefore, if the government truly wants to improve the economy, it must cut waste within the existing fiscal scope and concentrate resources into truly effective areas. This is the necessary direction," he said.
Japanese economist warns rate hike inadequate, urges structural reform
