China has officially lifted restrictions for private investment in the country's civil aviation sector. That's according to a regulation by the Transport Ministry coming into effect on Friday.

The regulation replaced a draft version which was issued in 2005. Officials from the Civil Aviation Administration says the regulation lowers the requirement for state participation in China's major airlines and airports from absolute majority to relative. That opened doors for more private capital to invest in this sector. The regulation has also explicitly listed areas not open for private investment, avoiding obscurity in implementation. The administration says it will encourage private capital to invest in profit-making airports and related facilities. Let's hear the director of the administration regulatory department, Yan Mingchi.