A press conference held in Beijing announces that the World Taekwondo Grand-Slam settles down in Wuxi, on July 24. [Photo provided to chinadaily.com.cn]

Wuxi has become the permanent home of the World Taekwondo Grand-Slam, the most influential taekwondo competition in the world after the Olympic Games.

The news was announced by Zhao Zhengyuan, the president of the World Taekwondo Federation, at a press conference in Beijing on July 24.

The Grand-Slam is the only Olympic Games qualifying event held in China. It consists of eight ranking events, each of which offers $100,000 in total prize money. The champion of each event wins $70,000.

The first competition will be held in November, when seeded athletes will fight for the title. The contestants with the best record in the Grand-Slam over the next three years will directly qualify for the Tokyo Olympic Games in 2020.