China plans to invest 500 billion yuan ($80.5 billion) in 193 big and medium aviation projects as authorities step up spending in a nation set to become the world’s largest aviation market in two decades.
China will also step up construction of small and medium airports, according to the text of a prepared speech by Li Jiaxiang, administrator of the Civil Aviation Administration of China. Li, who spoke in Beijing, didn’t elaborate on the timing of the investment.
The Asian nation is set to become the world’s biggest air passenger market by 2034, with one in five passengers traveling to, from, or within China, the International Air Transport Association said in April. To meet the growing demand, China’s government is building a second airport in Beijing and is spending 20 billion yuan to upgrade facilities in Shanghai.
— With assistance by Clement Tan