China will host the inaugural edition of the expanded 24-team FIFA Club World Cup in 2021. FIFA president Gianni Infantino announced the "historic decision" on Thursday as the governing body of world soccer officially awarded the hosting rights of the big ticket club soccer event to the Asian country.

Infantino's announcement came after a meeting in Shanghai of the FIFA Council, the decision-making unit of football's world governing body, as the move came close on the heels of the China's growing clout in global football market and will be viewed as a precursor to the country eventually hosting the FIFA World Cup proper in the coming years.

Interestingly, China, which successfully hosted the 2008 Summer Olympics in Beijing, has recently hosted a slew of major global sporting events, including the FIBA Basketball World Cup, and will stage the 2022 Winter Olympics as Beijing will become the first-ever Olympic venue to host both the Summer and the Winter Games.

The FIFA boss also confirmed that China was the only country being considered, saying, "It is a historic decision for football." 

"It will be a competition which every person, every child and everyone who loves football is looking forward to," Infantino added.

The current version of the Club World Cup features seven teams, including the holders of the UEFA Champions League and the winners from each of the continental club leagues. 2022 FIFA World Cup hosts, Qatar will host the competition this year and in 2020 as the Gulf country will use the two tournaments as logistical tests for stadiums and infrastructure ahead of the biggest international event in world football.

The plan for a restructured and elaborated 24-team Club World Cup starting in June-July 2021 was approved at a FIFA Council meeting in Miami in March even though the plan faced severe opposition from the UEFA and the powerful European Club Association. 

Infantino mentioned on Thursday that the revamped tournament would include eight teams from Europe and will take place every four years, replacing the Confederations Cup, an international competition that traditionally acted as a test event for countries hosting a World Cup.

Meanwhile, the FIFA chief also declared that the FIFA also will double funding for women's football to 1 billion U.S. dollars over the next four years. "The Council decided to put 500 million in addition to the 500 million already budgeted," he informed.