The Chinese Grand Prix will remain on the Formula One calendar for at least another three years after a new contract was agreed.

It was announced on Friday that terms have been settled upon for the Shanghai International Circuit — which first hosted F1 in 2004 — to stage a race until 2020.

There is also proposal for next year's Chinese GP to take place a week later than originally scheduled on April 15, swapping with the Bahrain GP, subject to FIA World Motor Sport Council approval.

Read: Hamilton won't quit F1 for now

Chase Carey, F1 chairman and chief executive officer, said: "We are very pleased to have reached an agreement which will see the Formula 1 Chinese Grand Prix continue as a fixture of the Formula 1 World Championship for at least a further three years.

"This great country has already demonstrated an overwhelming show of interest in our sport and we firmly believe there is still a great deal of unexplored potential here.

"That's why this renewed agreement is so important as part of our development strategy, especially in this part of the world.

Read: Vettel will come back stronger, says Hamilton

"We and our partners in this venture want to make this Formula 1 Chinese Grand Prix even more spectacular, while bringing Chinese fans ever closer to the sport.

"Finally, we wish to thank the Shanghai Municipal Government for the support it has given and continues to give to the Grand Prix, which has been a crucial element of its success."