China says it has $400million (EUR413m) of funding available to build a Formula One Grand Prix circuit in time for the 2004 season.
The Shanghai International Circuit Co announced that it will have the 3.3-mile circuit ready within two years and that a deal is in place with F1 boss Bernie Ecclestone to include Shanghai in the Grand Prix series.
According to reports, construction of the new circuit is due to begin later this month in the JiaDing area of Shanghai.
The JiaDing Industrial Zone Development Corporation has spent $1.5bn (EUR1.6bn) on infrastructure.
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