Chancellor George Osborne today hailed an £800 million plan for Chinese investment in Manchester Airport as evidence the Government's plan to bring in more international investment into Britain was working.
Speaking in Beijing, Mr Osborne said the scheme would be one of the biggest projects since the building of the Olympic Park.
Manchester Airports Group today announced it was partnering with Beijing Construction Engineering Group (BCEG), Carillion PLC and the Greater Manchester Pension Fund to create 'Airport City'.
It is intended to be the centre piece of the Government-designated enterprise zone around Manchester Airport. Outline planning permission was secured in May.
Mr Osborne said: "(It is) £800 million of investment, 16,000 new jobs and one of the biggest developments since the Olympic Games.
"I think it shows that our economic plan of doing more business with China and also making sure more economic activity in Britain happens outside the City of London is working.
"That's good for Britain and good for British people."
Xing Yan, managing director of BCEG, said: "To be included in such an interesting and unique development is a real honour. To be part of a project of this size and scale, working alongside other such highly regarded organisations, will be an exciting, challenging and rewarding opportunity, which we look forward to beginning.
"We see our involvement in Airport City as an extension of the memorandum of understanding between China and the UK, where we have been looking to further explore joint infrastructure opportunities for some time."
Charlie Cornish, Chief Executive of MAG, said: "We are delighted to confirm organisations of global standing as our joint venture partners.
"The inclusion of BCEG is significant because as a Group, we have been keen to forge greater links with the Far East and this gives us an opportunity to strengthen vital business links with China."
Under the plans, Airport City will provide 5m sq ft of development, a mix of offices, hotels, advanced manufacturing, logistics and warehousing.