20b yuan fund set up to boost aviation sector

[BEIJING] China has set up a 20 billion yuan (S$4.07 billion) investment fund to help bolster its fast-growing civil aviation industry, a report said on Monday.

The Civil Aviation Investment Fund, which is led by the parent of Beijing International Airport Co Ltd, is designed to help finance new airports, aviation economic zones, budget carriers, cargo and general aviation related projects, according to a report posted on the website of the China Securities Journal.

Beijing has been investing heavily in its aviation industry in recent years to cope with its fast-growing air travel demand. A total of 754 million people took to the air last year, up nearly 86 per cent from 2008, official statistics show.