Diary of Japan to study, etc.

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Japan to study the other diary
the first day of November, with the National Development and Reform Commission, Ministry of Commerce, Securities Regulatory Commission, China Banking Regulatory Commission and the Beijing delegation and key leaders (public inconvenience due to privacy considerations) visited Tokyo to Beijing's sister cities. This is my fifth visit to Japan, is the first time I came to Japan because of work.
days of the trip, visit the Japan's Liberal Democratic Party branch in Tokyo, the Tokyo Metropolitan Assembly, Tokyo Stock Exchange, met with Vice Governor of Tokyo and the pig, Mr. Naoki Seto Japanese Ministry of Health, Ministry of Finance officials. We mainly promote the Beijing Olympic Games, the Japanese side to listen to at CLC the Tokyo Metropolitan rail transit construction experience, visit the Tokyo capital market and financial sector development, and take the East are Metro Link, visit the Shinjuku business district, the Chicago region and Shibuya, Asakusa and other areas. visited Tokyo Disneyland, and Tokyo Disney President and held talks and consultations.
Tokyo is one of the world's largest cities, the capital economic circle of Japan's total GDP accounted for about 33% m40%, even more than the National GDP. business, financial industry extremely developed, the same big city disease are becoming increasingly prominent. tokyo and Beijing has a long and good relations of cooperation, Beijing will host the Olympic Games after 44 years of Tokyo, Tokyo, and there are plans to host the World Cup after 16 years, and now Beijing GDP, equivalent to only 10% of Tokyo, in many respects, the two sides are very optimistic about prospects for cooperation, Tokyo, Beijing should learn from the experience is.
we examined the planning of Tokyo, including Tokyo building settlement and earthquake response experience, the Beijing CBD core area in the future construction of a number of world-class ultra-high rise buildings, and there is subsidence in the region, the national experts specialized and Japanese experts discussed. I will be specifically described later in CBD progress in the core area of planning.
trip to Tokyo is an important reference for the purpose of Japan's capital markets and the main bank system.
related to the leadership also called on Beijing Mizuho Bank, UFJ Bank and other Japanese high-end international banking giant, despite Beijing failed to secure the Japanese banks will be up to elections in Beijing, but the Japanese side to enhance the future to conduct RMB business in Beijing, plans to confidence, and said it would actively participate in the financing of capital projects such as the Olympic Games.
Mizuho Saito, president of the macro and I have met twice, once on December 8 last year, he came to our house, one to go with the Middle East this summer. be very familiar. I remember when we discuss the history of Japan to discuss whether the reading of the founding of the Chinese people of God, five strong brutal emperor, the emperor finally began Qinming Emperor Chong Jun 60-year controversy over the Buddha worship the Buddha of waste, and ultimately in the era of Emperor Sung Jun Sung established Buddhist faction wins the status of Buddhism in Japan, better than the codification of the text reading of the fate fujiwara Time commitment for a long time combat confusion, inverted screen military defeat in three emperor was shogunate banished to the shogunate rule began, and I think shogunate ruled by fundamental social crisis in the post-Shirakawa Emperor's source level of the war and after the two emperors of the Mercedes Benz of chaos, the source Yoshitomo killed, Ping's authoritarian started, Saito said he had the historical task of the most respected source of Yoshitomo, respect for his loyalty and fearlessness.
Speaking after the era after the Yangcheng Emperor Hideyoshi, Tokugawa Ieyasu, etc. name Music in Kyoto, the first audience with the Emperor together, I say this is a big event in Japan, and China's Ming Dynasty can be compared to the three major symptoms, and then I said, Bank of Japan's first prototype is in the post-Sakura-cho, Emperor of Japan during the last generation of women formed The female emperor is great, not only in time and consistent with the Qianlong Emperor, in the national contributions, and also similar to the Qianlong Emperor.
I have to say that Saito, the Meiji Restoration of China's history books written, and in Rensiao Mary Rose Emperor reform significance of the times as great as the meeting
more formal, I do not have much chance to chat Saito thin, but we also talked about a lot, such as Chinese and Japanese have a word to describe a class of fleeting time off fast, talking about his first and invited me to visit when I meet Mizuho Bank, and to his guest house in Hokkaido. also talked about when he sent me indifferent Zhiyuan's masterpiece, I say Shangqie alive Everybody laughed.
we talk to the financial system's problems, and other leaders in Beijing this is most concerned about. Saito introduced the leaders to Beijing, Japan's Mizuho and the latest developments in the main bank system, the Japanese financial industry owners rely on bank mergers and cross-shareholdings, risk prevention, the owners rely on the securities distributed motherboards, expansion of the second board, sound board and outside the three markets, the invisible multi-level capital market against market risks. The latter has been a national decrease of China's capital market risk, follow the consensus for reform. The Commission is further high-level visit to Japan to learn the Japanese experience in capital markets spread to the capital market reform in the future and introduce the issue of the international board to get more experience, I will later the current capital market situation for the latest details.
Saito and Japanese economic circles, some experts told us about Japan's financial crisis, Japan's response to some of the practices in Japan in 89 years when the domestic housing market experienced a similar double-up the stock market case, the three metropolitan area (Tokyo, Osaka, Nagoya) or 1.2 times the average total premium. This is precisely during the period of Japan's financial change.
1985, the Plaza Accord led to yen appreciation, funds flow back to Japan from the United States, there excess liquidity, just and mainstream economic circles in China stock market fever, the crux of the housing market, the unanimous view of the same.
1985-1987 have been established in a variety of subsidiary banks, Mizuho also has quite a number of subsidiaries engaged in the stock market and real estate investment , the rapid development of the banking industry, holding nikkei (TOPIX Nikkei) the market value of 20%.
1986-1991 increased by the Japanese industry as the economy range, the three major metropolitan real estate value of land equivalent to market value of all U.S. , the expected appreciation in this land, banks and lax regulation, the land is used as loan collateral.
1991 the implementation of the early summer of tightening the economic situation is not a soft landing, the stock market crash, resulting in a large number of non-performing assets, seven largest banking group in the NIKKEI stock investment account for every drop of 1,000 points will evaporate 2.3 trillion yen.
the Japanese government due to the impact of Keynesian too, and not through the means too strong to change this phenomenon in 1995, Murayama Cabinet to use state funds to buy shares of banks, especially the way public funds to banks, while the establishment of asset regeneration agency.
He also highlighted the Japanese financial sector is highly developed in Japan the main bank system defects and 100% Guarantee System in Japan fatal. to March 2001 based on risk management, loans, bad debt up to 43.2 trillion yen in March 1992 only 8 trillion yen, according to finance publicity in the producing method of this data for 429,000 loans billion, according to bank loans to self-examination, the data is as high as 79.6 trillion.
real change in this situation is that in the Koizumi era, the Koizumi cabinet through the provision of bank reserves accumulated bad debt, reform the Ministry of Finance, with caution package auction method claims, save the strength of Japanese companies.
1998 in Congress to pass a 17 trillion to strengthen deposit insurance, bad debts, 18 trillion, will be part of the banking industry; 25 trillion increase in financial institutions, fund composition.
to 2006, the impact of bad debt has been greatly reduced, most banks earnings, in September 2004, non-performing loans accounted for 5.3%, compared with the peak dropped by 45%, 3.5% a year later, more than 04 years fell 34%.
As of September 2005, plagued Japan for 15 years old to solve the basic problem of bad debts, years of government efforts to achieve significant results, the Japanese economy to achieve growth.
Japan in dealing with bad debt and bad debt when the combination of corporate revitalization, preservation of the vital forces of economic development the specific approach is to set up the Industrial Revitalization Corporation, to help with strength, but a temporary shortage of funds to survive a large number of companies 欠贷.
China can learn from this approach.
this can not be familiar with familiar with the Japanese in 1985-2006 by a sudden fall into the high-speed development of this lost decade of economic history is that many people can not really understand.
latest statistical report in the China Banking Regulatory Commission, as of 9 at the end of 2007, the Chinese domestic banking institutions with total assets of the foreign currency to 50.62 trillion yuan, up 20.3% over the previous year. Beijing reached 34.74 trillion, accounting for 68.6% of them, Shanghai has reached 3.02 trillion, accounting for 5.9% of them. such a huge financial asset, whether it is safe, will have a direct bearing on the efficiency of China's future development, as well as the fate of the results.
brewing in the two directions of the major reform of China's capital market in the subsequent text I tell you, is not only a defensive risk, China's capital market historic layout of major adjustments will occur, and Beijing will be the responsibility of the carrier of the biggest adjustments, not only has operational centers in Beijing, hosted the three equity registration board, but the introduction of the international board and the state the second board. to Beijing, to be like in the Olympic Games on August 8 this year countdown to the first anniversary, the same as to say we are ready to face a major adjustment of the capital market, can not be said to be a new challenge. This is the line One purpose of learning Japanese.
I am following is a brief look at the domestic capital market reforms and set OTCBB (Third Market) situation.
non-listed companies in China equity market that is commonly known as the Third Market. the future of China's capital market ideal model, that is, from the Third Market to Market or the Small Enterprise Market, and then to the Main Board of the pyramid shape. Third Market as the base of the pyramid structure, the transaction size should in theory than motherboards and small plates, this is a very attractive fat
so-called preferred investor demand. As for whether the introduction of the GEM authorities still controversial, building a national OTC market is expected to go ahead.
Third Market is the OTC market, as China's multi-level capital market system an important part, it is the motherboard market and small market base and front panels. According to OTCBB candidate cities Beijing, Shanghai and Tianjin, the idea is to target the three major cities in the motherboard market and establish a connection to the equity market, the transfer of small plates platform.
OTCBB building has become the number one listing in 2007 the Commission the task.
senior has made clear that the Commission, following the Shenzhen SME Board, the country will set up a third board-counter market, in order to gather the national high-tech enterprises Zhongguancun in Beijing, providing an additional source of financing. the Commission believes that to attract and fund Zhongguancun enterprises in Shenzhen to the south of the GEM is not easy, so set the Third Market in Beijing is the best place, the three main board counter market for some lower than Listing requirements and the financial performance of enterprises.
at the end of October China Resources Hotel, Beijing for the three panels on the meeting confirmed the news of Beijing won the final victory, the SFC has been clearly established in Beijing Zhongguancun OTCBB, OTCBB now has entered the stage of practical operation , Beijing opening registration centers share, for the three board Pathfinder. in the OTC transactions, enterprises must be managed, in this sense, equity is a registered management company may launch a pre-prepared three plates.
now agency share transfer system in the Zhongguancun enterprises listed companies are a good operation, and most business is as a springboard, a warm-up for future IPO.'s first listed company century Riel was released in November 2006 the company IPO China Securities Regulatory Commission accepted the application is indicative of major announcement is expected to become the first company from the Transfer.
. Securities Association of China Tang Ying Ling, Deputy Secretary-General has made it clear that the agency share transfer system Zhongguancun will expand the pilot projects, and gradually extended to other 52 high-tech zones, and a national unity of the OTC market. Some scholars have pointed out that only from the form in terms of , share transfer agent system is extended to a certain extent, a national OTC market.
experts said that such as Zhongguancun sponsored by a brokerage stock transfer agent, with a better value discovery, can make a share transfer intentions implementation of non-listed companies issued at a premium, this with a variety of property rights exchange, property rights institutions conducted by the equity transfer of net assets have very different prices.
compete in the new three-panel, after the dust has settled, the Commission a official said: income threshold, there is a real good performance, there are strict information disclosure system, there is sunshine and timely supervision. STAQ, NET is closed, the operation of the Shenzhen Stock Exchange youngest board listed by the securities company for buying and selling shares of the Company. that time reduced to three board after the delisting of shares of listed companies continue to circulate the transfer of the place, won the industry's ; of the title.
Zhongguancun in Beijing's new three-panel operation, were to become China's NASDAQ, the future will echo the Shenzhen SME Board, the creation of the GEM, and more for the emerging high-tech enterprise, for many emerging business provides a good development platform, which is also the Commission to finalize the root cause of settled in Beijing OTCBB.
Another important reason is that capital is not conducive to stability in the capital market to get rid of bias, this bias is also the century Beijing at the turn of the second board as the most appropriate development of the city and the capital market lost an excellent opportunity this reason.
reports of failure can be said is filled with emotion. in the country the first to propose the establishment of capital market experts in Beijing, the first prototype of automated quotation system is also in Beijing, but Beijing has always been divided and the capital market was never meant to. the capital market is not conducive to bias makes Beijing the capital of stability is always fell short of success at the last minute.
as the source of China's reform, think tanks, whether it is the motherboard or the construction of the second board located in Beijing are the first to put forward ideas, talents and help build the Shanghai Stock Exchange END , built the Shenzhen Stock Exchange, but it has always been the wall flower wall results.
turn of the century, Beijing Technology Exchange Market has become the country's largest technology trading market, no doubt for Beijing Construction Second Board added the balance of the most important weight. But persevering capital market is a joke in Beijing opened.
seven years later, OTCBB waving to Beijing again, this time, like 93 years and the 2001 Olympics, like the two, and perhaps belated, is the most exciting. China Banking Regulatory Commission also confirmed that the practice of Beijing is the only run the most good, running well because there are a large number of emerging companies, OTCBB can become China's NASDAQ, we will wait and see.
the main Inspection of Japanese capital market leaders to become an important event, a few days time we visited the Tokyo stock exchange, the staff listened to the introduction of the Japanese stock exchange, also my first meeting at the leader of the main content Japan is a number of motherboards, the most extensive capital markets, a typical level, including the capital region: 『Tokyo securities, including a (board), two (second board)』, Mothers (new businesses), JASDAQ (also mainly for emerging enterprises) Hanshin Area: 『including a Osaka securities (the motherboard), two (second board)』, Hercules (new enterprises), Nagoya: Nagoya securities 『including a (board), two (the second board ) 』, Centex (new businesses),
together with the local securities, Kyushu: Fukuoka securities, Q-Board (new businesses), Hokkaido: Sapporo securities, AMBITIOUS (new businesses).
and decentralized capital markets with the Japanese capital market risk, a different approach to prevent some developing countries, the main consideration is and and bigger.
so the formation of two high-level views. have in common is: split the financial risk is imperative. different is that one faction advocating the Shanghai and Shenzhen stock markets in Hong Kong three combined, and made relative to the Hong Kong tend to this view, if the merger will become the world's eighth largest stock exchange market. this is conducive to resist financial risks, but because there are different settlement systems and standards, combined there is a certain degree of difficulty, and long-term damage to an international financial center.
Dier Zhong is currently the State Department's approach is very inclined partition board, will not complete the split share reform (there are a lot of non-tradable shares, legal person shares more details, please check google) that s stocks, national priorities and some blue chip listed companies separated from the Shanghai Stock Exchange. Shanghai to strengthen its liquidity function, split out of the board will be located in Beijing, to facilitate decision-making sector regulation. To this end, the State Council, Beijing has been the case five visits. If the State determines that the future Shanghai increased risk, most likely to take this approach.
when in imminent risk, high-level adoption of the latter approach, building a second motherboard, the introduction of international boards, open new three panels, and these will have started by the As a practical financial decision-making center, Beijing building capital markets, changes in the Chinese capital market and a more healthy development of the extremely important instructions of a senior leader of the seven words problem was the preparation, the symbolic significance of the NASDAQ last year's Asia Pacific headquarters in Beijing put into building an international board of China and Beijing to build an international financial center and a strong signal that the financial settlement center. And as our trip is an important purpose of the Tokyo Stock Exchange has been approved to set firm in Beijing, becoming the New York Stock Exchange and the Nasdaq after the third office in Beijing to obtain permission to establish securities companies. forecast middle of next year and London Stock Exchange Beijing representative office will be located, thus, the international capital markets, securities industry giants will gather in Beijing, not only absorbed the Chinese companies listed overseas, but also for the international board of China Construction Pathfinder.
future financial sector development in accordance with an ideal ratio of the banking industry: 1:3 ratio of the securities industry, more appropriate, and China is far to this level, the international board in an open, additional domestic second board the same time, stock index futures will be brewing a major adjustment, the first in the China Stock Index Futures Forum 11 held in Beijing issued a strong test signal to the market, the city office at a clear goal in Beijing will not only stock exchange (the second board has been implemented to develop GEM OTCBB and the future introduction of the new international board), but completely covered by options, futures and other trading centers, including the country's first full financial settlement center, when Beijing will form a financial settlement center, financial center of corporate headquarters and financial decision-making centers of the situation, the second to the future international financial center of China (Hong Kong China is currently the only international financial center) forward.
This paper was Professor of HKU theory result in future competition with the Hong Kong an international financial center can only be in Beijing coincides with the possible steps which the phase coincide. (for students interested in the financial sector can be found about that after reading it needs to be patient, typical data to send, theory is very easy to understand the peace implementation).
timetable is now the State Council, or the construction of the international board is the introduction of overseas companies in China financing a bold attempt to attract foreign enterprises to Beijing Municipal market, implemented, Not only will raise China's status in the international financial markets, more capital flows have a strong absorption of the anti-magnetic, international hot money and solve the problem of excess domestic liquidity, capital markets will be resolved once and for all the various problems.
the feasibility report has been developed. motherboard settled in Shanghai as international financial risk sharing does not meet the principles, nor with close to the central principles of supervision, it is located in Beijing City is the only option, compared to the three boards in three cities of competing International board has no suspense.
trip also focused on the Japanese stock market conditions listed overseas companies to do the research, access to a large number of first-hand information, less than four days I wrote the five on the Japanese main bank system and capital market system has become more than a thousand page report large orders, as the compilation of the report, a successful team leader to complete this task in Japan for the Beijing Olympic harvest in the international capital market and presented a gift.
a focus in Japan is to visit Tokyo Disneyland, and any trip to Disney this purpose is different, mainly to study the construction of large-scale theme park experience and the introduction of the negotiations, in the Chaoyang Park is building the world's largest Ferris wheel project, its budget just above the ground increased to 230 from the 208 meters meters, 198 meters from the radius has increased, Beijing 2008 will become the iconic, once the world's largest Ferris wheel London Eye (Millennium Wheel) (ground level 135 m) construction engineer, said the Beijing Wheel the modernization of China's most attractive landmark building, the Beijing Modern Architecture jewel in the crown. We rode a line in Tokyo a special Ferris wheel at night there will be a very beautiful landscape.
and The visit also talked about Tokyo Disneyland and Disney now Beijing has carried out the actual nature of the negotiations, the details of planning control in Beijing, the subway station called the sixth line of the future world there is a station, not to the local place names of origin, not to named local landmark, is not named after the road, and that station is the future of China's first Disney Park Reserve. Similarly there has been basically agreed upon a future world of France; South Korea's Lotte World is also in talks expected to Lotte World Construction in the CRD region.
Disney as an international tourism giant, Shanghai has carried out consultations in 2006, but because Shanghai is not rich in tourism resources and other reasons has died in Beijing in 2001 when the re-negotiation of the temporary storage start, not only because of Beijing Cultural center, but also promote the development of tourism because of the Olympic Games in Beijing building rich tourism resources of international giant theme park is the strategic direction of consensus, Disney executives have said: Great swim, eat Duck, Disney again how pleasant thing. and to shake hands with Donald Duck and the Monkey King of China looked forward to returning wealth to the local characteristics of the Disney settled in Beijing.
next year's Olympic Games has been determined by the 50 Heads of State and Government attending the , after the launch of Disney at the Olympic Games, will prevent the post-Olympic era Olympic booster low, focus on positive factors also prevent economic growth shifting from fast to overheating.
I have made at the meeting the Mayor of office, except Hong Kong is special (Pocket Disney), Disney, the world's other cities hosted the Olympic Games (Paris, Tokyo, Los Angeles, Orlando (and Atlanta 440 kilometers)), including Hong Kong is also an internationally renowned tourist center, the next Disney settled in Beijing, China become the United States, the second a country has two national parks of Disney.
this point, the future will form over the western South Korea in Beijing, Lotte World, octagonal amusement park, east of Happy Valley and Disney to form the south to form the future world, and Beijing amusement park, the situation of the six theme parks, the impact of Beijing, no less than the Olympic Games, Orlando because Disney had extraordinary change.
back to the future planning of the building, CBD core area buildings have reported two cases , core area A program stand out, feasibility planning has been approved. China World Trade Center Tower A report to 688.8 meters, construction area of 688,000 square meters, 138 floor, B Tower Lueai, final adjustment program is 666.6 meters, the top screen one day. two Tower Building connections between the two, the base is like a bird-like exhibition and business center connected, whole body transparent, very beautiful, very modern.
postures and a rotating skyscraper construction, that is, the nations of the center of 550 + the future will be the core area of the City full financial settlement center and the world headquarters of multinational financial groups resident. In addition to sitting on the Deutsche Bank China Central Place, the other up the headquarters of foreign banks in Beijing is very likely to the new Financial City office.
In addition to the nations of China World Trade Centre and the Centre, there are several buildings over 400 + into the conceptual planning stage of construction.
China World Trade Centre, Centre for the use of the nations will be a large area of the core of the financial, insurance, media, consulting associate , and positioning for the future of foreign financial headquarters base and cover options, stock trading center (China Second Board, the International Board, three boards and the future will be located in Zhongguancun GEM) of the total financial settlement center.
outside the CBD, as well as naming for the tolerance of the post-modern church, and large arc quintana transparent financial Museum. also stepped up planning.
China World Trade Center design unit is the famous American SOM, the nations centered design unit is famous Dutch city (CCTV Design units).
the City is completed, Beijing will further accelerate the pace towards an international financial center. was a former mayor of Beijing's financial background've done it, said: Mayor Wang is a typical not only to resolve the crisis after taking office, will also do a very impressive financial industry in Beijing.
Mayor Wang had a press conference to express their views: to include trade finance services, including creating a good environment. how to improve the environment Street, this is responsibility of local government. , Beijing into an international financial center to the historic task to determine, and most of the joint-stock commercial bank headquarters, the four asset management companies headquarters, headquarters of the four major national insurance companies, four of China's financial industry trade associations, the same time, China Depository Trust & Clearing Center, Computing Center of China Securities and Futures are also registered in Beijing. Beijing has is the undisputed center of the national financial management, financial regulation and control centers and fund settlement center.
the king unwilling to here, to compete with Shanghai China's financial center, foreign banks in the world he gave the invitation, President pro-To Beijing, the capital market positioning, GDP scale of development, a large number of Chinese financial institutions gathered in the headquarters of a large number of central enterprises and transnational corporations are also located in Beijing. this kind of demand for services. Of course, he will not forget the introduction, with other cities can not match Beijing's unique resources, that is, central banks and other financial regulators in Beijing. Beijing Municipal Government introduced tax breaks and other preferential policies on foreign banks, inviting them to China's operational headquarters will be registered in Beijing. Not only that, east of Beijing also established a special development zone, so that the background service agencies of foreign banks located in this.
the influx of foreign capital, the rapid development of the Zhongguancun Science Park, Financial Street The status is stable, Li Yang, director of the Chinese Academy of Social Sciences Institute of Finance, commented:
to conduct RMB business in Shanghai, the first pilot of the environment, all foreign banks in Shanghai have the main reporting bank (principal reporting bank, foreign banks based in China, registered the concept of different corporate banks), with the advantages of information Beijing and monitoring center is open RMB business, Deutsche Bank, JP Morgan Chase Bank, UBS, Calyon, Societe Generale, BNP Paribas and Korea, the three banks will be selected incorporated bank in Beijing, the main reporting bank also moved to Beijing and the East Agricole also the world's fifth largest bank in selected Asia-Pacific Beijing CBD, open RMB business to foreign banks in China headquarters profound changes in the layout. New stationed in China or interested in entering China's Bank of America, Zurich Bank, Wells Fargo, United States Bank of Scotland finance will also be registered in Beijing, and Beijing, such as Royal Bank of Canada to retain the 43 foreign banks, and all the main reporting bank in China, they have identified corporate banks will settle up to Beijing. foreign bank registered in the ground , Beijing, from Shanghai, including Deutsche Bank to secure, etc., 1 / 3 of China was the main reporting bank, all of the new business of foreign banks in China and all Chinese in Beijing, the main report row. Mayor Wang a background in finance , into an international financial center in Beijing has achieved a lot.
Beijing, but also led him to complete eight years old by the Royal Park Headquarters to the world's fifth largest cities (Tokyo, Paris, London, New York, Beijing, Berlin, Seoul, Zurich, Madrid) of the magnificent transformation.
four days in Tokyo, I also fully experience the charm of Tokyo as an international city.
Tokyo has two international airports, Narita and Haneda, Beijing Capital International Airport T3 terminal will be built into the field of similar size and become the world's ninth largest airport, Shanghai Hongqiao and Pudong plus than even with a lot more. Recently the official capital of the second airport location in Daxing, planning report, the capital of the Second International Airport Vision passenger capacity of 80 million is expected to -1 billion, and has three runways will be built the world's ninth largest Capital International Airport, Tianjin Binhai Airport airport together to form a triangle structure, build East Asia's largest airport.
capital of the Second Airport will greatly improve the Beijing ...