The inaugural event of the series, which aims to professionalise and upgrade taekwondo's commercial appeal and media profile, is scheduled to take place here in the Chinese city of Wuxi on Saturday (December 30).

Each year, it will consist of eight separate tournaments to represent each Olympic taekwondo weight category - four men's and four women's.

The total prize money offered across the eight separate tournaments in the 2017-2018 series will be $760,000 (£565,000/€637,000).

The winner in each weight category will take home $70,000 (£52,000/€59,000).

The silver and bronze medallists will be awarded $20,000 (£15,000/€17,000) and $5,000 (£3,700/€4,200) respectively.

"After all the many successful events organised by World Taekwondo [this year], the Grand Slam event, I believe, will mark a successful conclusion to our activities," Choue said during the official opening of the event here today.

"I believe all the best of best athletes from the Olympic weight categories will compete, and the best of best athletes will win the prizes.

"I believe this Grand Slam event is writing another new chapter in the history of World Taekwondo

"I hope that through successful Grand Slam events, some other continents, like Pan America and Europe, will host others.

"That means that our athletes will be busier, but they will get a lot of prize money."

The Grand Slam Champions Series will be fought under amended rules designed to upgrade the sport’s spectacle.

More points will be added for spins and knockdowns, thus encouraging taekwondo’s most spectacular kicks and rewarding powerful blows. 

Furthermore, points will be deducted if a fighter places even one foot outside the matted area, promoting offensive play and lively footwork.

Noting that taekwondo is constantly evolving, Choue hinted that the event’s amended rules - if successfully applied in Wuxi - could be applied to regular taekwondo competitions worldwide. 

"This event will enhance our sport and the new rules and regulations may apply to the Tokyo 2020 Olympic Games," he said. 

Choue explained that after reviewing the outcome in Wuxi, the World Taekwondo General Assembly will make a decision on the matter on the sidelines of the 2018 World Junior Championships in Tunisian town Hammamet in April. 

The Grand Slam Champions Series, unveiled and approved by the World Taekwondo Council in Muju in South Korea in June, is invitational and will bring together 12 premier athletes in each weight category.

For the 2017-2018 series, the invited athletes in each weight category will include the Rio 2016 Olympic gold medallist and two gold medallists from the 2017 World Championships in Muju.

The World Championships feature twice as many weight categories as the Olympics.

The first edition will also welcome the champion of the Grand Prix Final in December 2017, the three winners of the Grand Prix Series held earlier in 2017 as well as the winner of the 2016 Grand Prix Final.

Should any of the above overlap, for example if the same player wins in more than one Grand Prix event, or should any player drop out, the top eight will be rounded out with the next players in the World Taekwondo Olympic rankings.

In addition, the host country will receive one wildcard.

The last three athletes in each weight category were selected in a pre-Grand Slam qualification tournament.

The two divisions taking centre stage on Saturday are the men’s under 80 kilograms and women’s over 67kg.

Those athletes set to battle for honours, including Olympic champions Cheick Sallah Cissé of the Ivory Coast and Zheng Shuyin of China, were presented today.

The other six weight categories will be spread evenly across the following three Saturdays.

A team competition is also scheduled to be held on January 27, concluding the series.