(Yicai Global) Feb. 28 -- China will invest CNY12.3 billion (USD1.8 billion) in a third runway for the southern hi-tech city of Shenzhen to meet growing passenger and cargo demand in the Pearl River Delta region, the country's top economic planner announced today.

Once completed in 2030, the new runway at Shenzhen Bao'an International Airport will boost passenger throughput to 80 million a year from 50 million and double freight and mail handling to 2.6 million tons, the National Development and Reform Commission said. The extra facilities will help turn the airport into a global transportation hub, the NDRC added.

Construction of the runway, its taxiway system and supporting facilities will cost CNY11.9 billion and will be paid for by the Shenzhen government. The Civil Aviation Administration of China will finance the air traffic control system to the tune of CNY480 million (USD68.7 million).

Editor: Kim Taylor