Zhuhai's hopes of staging a Formula Three race in late November will depend on organisers acquiring a title sponsor, which they admit will be tough because of the economic downturn.
Joe Lim, director of Zhuhai International Circuit Management, said Zhuhai was facing a race against time in trying to acquire major sponsorship.
He said he hoped to complete negotiations with a European oil company by the end of the week.
Lim said Zhuhai wanted to stage a Formula Three race as the purpose-built Zhuhai circuit wanted to acquire Formula One status next year.
Hosting a Formula Three race would provide ideal testing conditions as a precursor to Formula One racing, Lim said.
'We're looking at staging a Formula Three race but right now, we're looking at the funding side.
'We're in the middle of a recession so getting sponsorship will be quite tough. We hope we can find a sponsor so it will be possible for us to stage the race,' said Lim.