FIA president Max Mosley is to meet with the ten Formula One teams following the Chinese Grand Prix to discuss 'urgently required' strategic decisions linked to the current uncertainty over the global financial market.

A meeting of the World Motor Sport Council in Paris yesterday [Tuesday] agreed to give Mosley authority to negotiate with the Formula One Teams Association about a series of measures to reduce the costs involved in F1.

Mosley then went on to warn that the current situation in Formula One is 'unsustainable' and that the sport would be in 'serious difficulty' if changes weren't brought in to safeguard its future.

Following on from the WMSC decision, Mosley met with FOTA chairman Luca di Montezemolo in Nice today [Wednesday] where agreement was reached that Mosley will invite the full membership of FOTA to a meeting following the Chinese GP in Shanghai later this month.

Mosley will use the meeting to put forward the strategic decisions the FIA feels is urgently needed going forwards, with the main focus of the meeting being on significantly - and urgently - cutting costs, discussing future technical regulations and maintaining the competitive element of F1.