China has green-lighted a third airport for the capital Beijing in a bid to reduce congestion and chronic delays.

State media reported Wednesday the new airport will be located 46 kilometers (29 miles) south of the city center and take five years to build.

When completed, it will handle 72 million passengers per year. That should help take the pressure off Beijing Capital International Airport in the city's northeast that is the world's second-busiest, handling more than 83 million passengers last year.

State planning agency the National Development and Reform Commission has set the airport's construction budget at just over $13 billion dollars.

China's fast growing air travel market is the world's second biggest, but congestion and heavy regulation have given it the world's worst record for flight delays.