Beijing’s Hadid-designed $63bn airport opens

The existing Capital International Airport in Beijing’s northeas has capacity constraints that often cause flight delays. (File/AFP)
Updated 25 September 2019

Beijing’s Hadid-designed $63bn airport opens

  • New hub has four runaways, is expected to handle up to 72 million people a year by 2025

BEIJING: Beijing’s new multi-billion dollar airport, Daxing International, was formally declared open by President Xi Jinping on Wednesday, days ahead of the 70th anniversary of the founding of the People’s Republic of China.

The 450 billion yuan ($63 billion) project, completed in less than five years, will give a boost to infrastructure growth, flagging amid the biggest economic slowdown in decades, as China and the US remain locked in a trade war.

The airport was hailed as “a new powerful source of national development” at a ceremony overseen by Xi in which top government officials, including He Lifeng, the head of state planning and vice premier, Han Zheng, participated.

The phoenix-shaped airport, abbreviated as PKX, is located in Beijing’s south and will help ease pressure on the existing Capital International Airport in the city’s northeast, where capacity constraints often cause flight delays.

Designed by the firm of Iraqi-born architect Zaha Hadid, who died in 2016, the new airport boasts four runaways and is expected to handle up to 72 million passengers a year by 2025, eventually reaching 100 million.

China aims to build Daxing, which is expected to become one of the world’s busiest airports, into a global aviation hub, as the country is forecast to overtake the US as the world’s largest aviation market by 2022.

Rising out of farmland, Daxing airport is about 46 kilometers away from Tiananmen Square, almost twice the distance from Capital airport to central Beijing.

It will also accommodate passengers from the neighboring areas of Hebei and Tianjin, linked by a sprawling network of high-speed and inter-city trains, metros and public buses.

An express train from the airport will take about 20 minutes to reach the south of Beijing.

China Southern Airlines and China Eastern Airlines are the main airlines at Daxing, while about 50 foreign airlines, including British Airways and Finnair , plan to move all or part of their operations in the next few quarters.

Flag carrier Air China won 10 percent of the capacity at Daxing.

Against an initial plan for China Southern and China Eastern to move all operations to the new airport, with each getting 40 percent of its capacity, China Eastern has retained its highly profitable Beijing-Shanghai route out of the old airport.

The relocation of all airlines is set to be completed by winter 2021.


HSBC to axe 82 branches in UK, cut services in others

Updated 19 January 2021

HSBC to axe 82 branches in UK, cut services in others

  • The lender said it would be left with 511 branches in the UK following the closures

LONDON: HSBC said on Tuesday it planned to axe 82 branches in Britain this year after a drop in footfall across its retail network and a surge in digital banking.
The lender said it would be left with 511 branches in the UK following the closures, with many of the remaining branches set to be refurbished with some providing fewer services.
The COVID-19 pandemic has dented bank finances, putting pressure on lenders to cut costs, while more customers have opted to bank online as people have been encouraged to stay at home to combat the spread of the virus.
HSBC said it had begun trialing different branch formats and decided to provide fewer full-service branches focused in large cities and towns, with others providing cash or self-service technology.
The bank said ‘pop-up’ mobile branches would also be rolled out later this year.
“The direction of travel is really quite clear and this is borne out by the reduction in branch usage and increase in digital interaction that we are seeing first-hand,” said Jackie Uhi, HSBC UK’s head of network.