This competition exists out of two rounds, each with eight teams. The eight teams with the fastest times in either semifinal advance to the final. The fastest team in the final is the winner of the event.
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Sixteen teams qualified for the inaugural edition of the mixed relay with plenty of teams hoping to win a medal. As was the case with the men's and women's events, Australia and the United States were the favorites for the title. The difference between the two nations at the most recent world championships was only two-hundredths of a second, and once again it would seem like the race would be a close one. However, China was able to set a new world record in the year prior to Olympic competition, and with European champions Great Britain, ROC, the Netherlands, and Italy also having been quick only a few months prior to the competition, there were plenty of teams vying for the medals.