China risks misallocating investment by overspending on airport projects in poorer western provinces and skimping on allocations to some fast-growing coastal provinces in its $70bn plan to expand capacity until 2013, according to a study by McKinsey, the consultancy.
Of the 97 greenfield airport projects planned by Beijing until 2020, McKinsey categorises only 20 to 30 as offering “attractive” investment opportunities by addressing expected capacity shortfalls.
Other projects support political aims to spread development inland ahead of actual demand.
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