"We need to have a racing culture to turn around motor sport," Zaidi says.

Experts in the field believe that Asia has changed the face of the sporting industry by hosting global events like the Olympics, the Commonwealth Games and leading tennis and golf tournaments.

A report by the Economist Intelligence Unit, The big league? The business of sport in China, says the 2008 Beijing Olympics marked a turning point for China in terms of sports business.

"The success of the Olympics has raised curiosity about China as a market for sport," the report says. "The country built world-class facilities, including the 91000-seat Bird's Nest STET stadium and the futuristic Water Cube aquatics center. The opening ceremony drew a local television audience of 842 million people. More than 100 million Chinese watched the Olympics online."

In 2010, the State Council - the highest executive organ of State administration - issued for the first time a document promoting the sports industry in China, and predicted the market size of the nation's sports industry will be worth 2 trillion yuan ($320 billion) by 2020.

The document, Guiding Opinion on Accelerating the Development of the Sports Industry in China, indicates that both domestic and foreign private investment in China's sports industry will be actively encouraged, and market exploration of sports performance and recreational sports would be put into action to a greater extent.

In the 12th Five-Year Plan (2011-2015), China specified that it would vigorously develop public sports and improve public sports facilities.

"Efforts will be taken to optimize the competitive sports structure and improve the overall strength of competitive sports and promote the coordinated development of sports facilities and the sports industry," the guideline states.