F1 chief hails Shanghai Grand Prix, highlights sport's sustainable future

Formula 1 President and CEO Stefano Domenicali hailed the Shanghai Grand Prix as a milestone for the sport's future, pointing to how far the city and its fan base have come since 2004 and highlighting F1's push toward sustainable technology.

Domenicali said the series is evolving with hybrid engines and sustainable fuels to stay relevant to global mobility trends, while noting that Shanghai's transformation from a distant circuit to a centerpiece of the city reflects both China's rapid development and the growing passion of its F1 supporters.

"The driving force is the need for F1 to be always relevant in terms of technology in this case. So a hybrid engine with sustainable fuel, we believe, represents a very important thing that will be even more important for the automotive industry because they will be for sure electrification. But there are other forms of mobility that can take the advantage of the advanced research and development that F1 can do for that. So that's the reason why we change it," said the CEO in an interview with China Media Group (CMG).

He noted that the Shanghai circuit, once on the city's outskirts, is now part of its urban core, a change he said mirrors China's rapid growth and the rise of a dedicated F1 fan base.

"I remember because I was here the first in 2004 when we had the first race and I remember that this track was far away from the city. Now is all together. It's phenomenal. It's fantastic and I take the opportunity to thank all our Chinese fans that are here and transmitting to us the passion. The Chinese market and Chinese fan base is a huge opportunity for us. We need to be more and more connected to you, with you. Thanks for what you're doing, it's just fantastic. We just need to offer context," he said.

F1 will mandate fully sustainable fuels from 2026, a change Domenicali said will keep the sport at the forefront of innovation while aligning with global climate goals and reinforcing its relevance to the wider automotive industry.

China's foreign exchange market remained generally stable in February despite heightened geopolitical tensions and increased volatility in international financial markets, the country's forex regulator said on Monday.

The Chinese foreign exchange market recorded transactions worth 2.6 trillion U.S. dollars in February, while cross-border receipts and payments by non-banking sectors totaled 1.2 trillion dollars, according to the State Administration of Foreign Exchange. In February, non-banking sectors recorded a net inflow of 35.6 billion dollars in cross-border capital, while banks posted a forex settlement surplus of 42.8 billion dollars, the data showed.

Overall, China's foreign-related economy is developing steadily, the foreign exchange market remains active, corporate forex settlement willingness has shown a modest decline, and demand for forex purchases is generally stable, with market expectations remaining steady, the administration said.