Feb.16 (GMM) The future of the Chinese grand prix is secure, it emerged on Wednesdsay.

Earlier, it was reported that officials wanted better contract terms for a renewal, with the first seven races at the imposing Shanghai International Circuit attracting few spectators and huge financial losses.

According to the Shanghai Daily, the city's Sport Bureau announced on Wednesday that the deal between Formula One Management and local organiser Juss Events has been extended through 2017.

Shanghai vice mayor Zhao Wen was quoted as saying the value of the renewed contract is lower than the previous one.

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