(Yicai) March 25 -- The latest Chinese Grand Prix, which forms part of the Formula One World Championship, attracted more than 220,000 spectators at the Shanghai International Circuit, breaking last year's attendance record.

Businesses near the racetrack in Jiading district saw a significant jump in sales and foot traffic during the three-day event that ended March 23, with 13 commercial complexes taking part in the F1 Ticket Stub Promotion reporting sales climbed 7 percent to CNY112 million (USD15.7 million) and store visits 17 percent to 1.27 million from a week earlier, according to the WeChat account of Shanghai Jiading.

The F1 Ticket Stub Promotion allowed visitors to enjoy discounts at selected merchants during the Chinese Grand Prix by showing their ticket stub, including a free beef portion worth CNY38 (USD5.25) at hot pot restaurant Zuo Ting You Yuan, a 20 percent off the entry at Elastic Cool Run Ape Planet Trampoline Theme Par, and a CNY3,888 (USD536) gift for buying an auto at Aokanda Luxury Car Plaza. Jiading also offered free admission and discounts at scenic spots, hotels, and cultural tourism routes.

"We're incredibly excited to continue bringing F1 to China, and I want to thank the promoter and the city for their huge passion and support," Stefano Domenicali, president and chief executive of Formula One Group, said in an interview with Yicai during the race weekend. "Key growth markets have been China and the USA, but we see huge and ongoing potential in other regions too."

F1's following on Chinese social media apps -- Weibo, WeChat, Toutiao, and Douyin, TikTok's sister app in China -- has surged 39 percent to more than 200 million from a year earlier, Domenicali noted.

Regarding the demographic trends among Chinese F1 fans, Domenicali pointed out that "over a third are female and one in two are under 35 years old, which follows the trend we see more widely when it comes to F1's fanbase. The fans in China are incredibly engaged, knowledgeable, and passionate."

The Chinese Grand Prix, held for the first time in Shanghai in 2004, generated direct economic benefits of over CNY1.4 billion (USD193 million) last year, according to a sports event impact assessment report by the city's Sports Bureau. Indirect economic benefits included CNY3.9 billion in output value, CNY137 million (USD18.9 million) in tax revenue, and the creation of 9,857 jobs.

Last year's event also stimulated CNY1.6 billion in spending across the dining, accommodation, transportation, tourism, shopping, and entertainment sectors, the report showed.

The F1 race promotes technological innovation development, with Jiading leveraging the event to attract smart connected vehicle projects and investments, noted Sun Wenhua, a researcher at Shanghai's Yangtze River Delta Sci-tech Industry Financial Services Collaborative Innovation Center.

During the race weekend, Jiading strengthened its international image as an "auto city" via initiatives such as using drones and artificial intelligence traffic management to collect big data for autonomous driving tech, according to Sun.

Editor: Martin Kadiev