The Development fund for Beijing Daxing International Airport Economic Zone was established on Wednesday. The fund is expected to raise 50 billion yuan (US$7.1 billion) in total, with phase one reaching 10 billion yuan.

A signing ceremony was held in Daxing district between Beijing New Aerotropolis - the key platform for developing the airport economic zone - and investors, signaling the largest development fund ever since the economic zone was set up.

According to a spokesperson from Beijing New Aerotropolis, this fund involves major investment projects such as infrastructure, public services, regional service, urban management, and other airport-related industries.

At present, Beijing New Aerotropolis, along with its partners, has managed to complete the relocation of buildings, redirection of Yongxing River, and supporting facilities such as underground pipes. In future, the fund will be committed to pool platforms, resources, talents, and experience together, and build an efficient collaborative mechanism, the spokesperson said.

Covering 150 square kilometers (50 square kilometers within Beijing and 100 square kilometers in Hebei province), Beijing Daxing International Airport Economic Zone includes three areas: service area, logistic area, and technological innovation area. According to the overall plan for the economic zone, this area will become a leading service provider for Beijing Daxing International Airport by 2035.