Organisers of the WMRT, sanctioned by World Sailing as a "Special Event", have announced a new agreement with the People's Government of Bao'an District of Shenzhen which is due to see the area stage the event from 2021 to 2025.

The first Shenzhen-Bao'an Match Cup is scheduled to take place in Dachan Bay from December 15 to 19 next year with a minimum prize fund of $200,000 (£150,000/€170,000) on offer.

World Sailing hope that under Li, who defeated Denmark's Kim Andersen to unseat him as President earlier this month, the sport will enjoy a period of rapid growth in China and other key Asian markets. 

"I am excited to see the World Match Racing Tour come to China and to the Bao'an District of Shenzhen for the first time," Li said.

"The ability for major events to promote and attract new interest and participation in sailing in markets such as China is a great benefit to the growth of our sport.

"I wish the World Match Racing Tour every success."

The event is set to be organised by the Culture, Radio, Television, Tourism and Sports Bureau of Bao'an District of Shenzhen and operated by the Shenzhen Across Four Oceans Sailing Club.

Average temperatures in Shenzhen during December are around 21 degrees with wind speeds ranging from seven to 12 knots, according to World Sailing.

Yao Ren, the party chief of Bao'an District and a member of the Shenzhen Municipal Committee, said: "Bao'an is located on the coast of the South China Sea, a region with one of the strongest industrial foundations and the most innovative vitality in China.

"Its location and climate are suitable for sailing all year round.

"We look forward to attracting the world's best sailors from the World Match Racing Tour to compete in Bao'an, and to injecting a vitality into the 49 kilometre coastline of Bao'an, and at the same time, actively promoting the development of competitive sailing in the region and introduce the sport to a new and young audience.

"We hope this opportunity will also attract commercial organisations to participate in sailing and help develop the sport and sailing industry in Bao'an District."

Zhang Xiaodong, chairman of the China Yachting Association, added: "The World Match Racing Tour is a high-level inshore competition.

"Hosting the WMRT finals in Bao'an China has played a positive role in promoting the development of Chinese professional sailing events, providing a good technical exchange platform for Chinese professional sailors, and providing a broader space for their future career development."