China blocks takeoff of new airlines
BEIJING - For those entrepreneurs interested in cashing in on China's booming airline sector, there is bad news afoot. The Civil Aviation Administration of China (CAAC), the country's industry regulator, has announced that it will not entertain any new airline applications until 2010, meaning there will be no new airlines in China until 2011 at the earliest. Under China's 11th Five-Year Plan, $17.5 billion is being spent on airport expansion and construction. While a portion of this will go to airport expansion in Beijing, Guangzhou and Shanghai, $6.67 billion will go to airports in China's western regions.