The one ive booked is reasonable 4 star,and it will take about 45-1hr in a taxi to the circuit,around 200 in local currency,but its in the city for touristy stuff and close to a metro and that also will take about an hour to get there,the bund and nanjing road are the touristy bits
The track is in the north west but it has a metro stop,the free buses are a bit of nighmare,ive only used them to get back into the city they drop you off at at a stadium and then hailed a cab to get to my hotel and as previously mentioned ill take a taxi out and then metro back(metro signs are also in english)
The metro is cheap and clean and a great way to get about
Best advice is to get your hotel people to write the name in chinese for you as most cab drivers dont speak english or grab a handful of he hotels business cards and give it to the cab driver in case you get lost
Just for your info i dont live there,its just past experiences but theres so much building work going on it will all have changed since the last time i was there 2 years ago