An undated photo shows the rendering of Beijing’s new airport. [Photo: news.cqnews.net]

Lawmakers in Beijing have approved a plan to issue 6.7 billion yuan - about a billion US dollars - in government bonds to finance the construction of the Chinese capital's new airport.

Around 4 billion of the total will be used for land expropriation and housing demolition.

According to an earlier report, it will take nearly 24 billion yuan to cover all compensation expenses for the land to be used for the new airport.

Construction on the new facility in southern Beijing began in December and is expected to take five years to complete.

By 2025, the new airport is expected to serve 72 million passengers annually, along with 2 tonnes of cargo and mail.