The World Health Organisation (WHO) has declared the coronavirus outbreak a global health emergency.
"The FIA and F1 continue to work closely with the teams, promoter, CAMF and local authorities to monitor the situation".
Lewis Hamilton (centre) and Ferrari's Sebastian Vettel on the podium after the Chinese Grand Prix in Shanghai on 14 April 2019.
It would be the latest, but easily most high-profile, sports event to fall victim to the virus outbreak which has killed more than 1,100 people in China, where it emerged at the end of previous year.More news: Red Sox, Dodgers Finalize Mookie Betts Trade
The decision to postpone the race was taken after a request from the Shanghai promoter to "ensure the health and safety of the travelling staff, championship participants and fans", F1 said in a statement.
The outbreak of the flu-like virus has cancelled a number of sporting events, including the scheduled Formula E motor race at Sanya, China, in March.
The Chinese Grand Prix joins a list of sporting events to have been cancelled due to coronavirus that has killed more than 1,100 people and infected more than 44,000 in China after it first emerged in Wuhan late past year. But the country still paid the hosting fee despite the cancellation of the race.
One option reportedly under discussion is to allocate an end-of-November date to Shanghai, but that move can only be achieved by pushing back F1's season finale in Abu Dhabi.More news: Panthers owner David Tepper gives update on Cam Newton's future
It is unclear when the Grand Prix will eventually be held, but for now, there will be a one-month break between the inaugural Vietnamese Grand Prix and the Dutch Grand Prix.
Asked about the possibility of reviving races that have fallen off the calendar as one-off events to take China's place, Carey said Formula One was evaluating all contingencies.
AFP understands that an announcement about the race will be made on Thursday, but according to the BBC, it is "expected to be postponed".
"We're not going to do something that isn't good for us or the teams", he said. "We like the 22-race calendar (but) we're fine with a 21-race calendar".More news: Tech & Coronavirus: China Launches 'Close Contact Detector' App To Halt Outbreak