The Chinese economic planning agency, the National Development and Reform Commission, has approved the construction of a new 80 billion yuan (US$12.9 billion) airport in Beijing. Construction of the new airport, which will be in the south of the city, will be financed by 18 billion yuan from the civil aviation development fund and 6 billion yuan from the state-owned Capital Airports Holding, while private funding will be also be “aggressively” pursued, according to the National Development and Reform Commission.

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