efe-epaShanghai, China

Authorities in Shanghai, considered China's financial capital, are planning to build a new airport in the city to cater specifically to private and business flights and relieve pressure from the two existing airports.

Local newspaper Shanghai Daily Wednesday reported this new airport will be located away from the Pudong and Hongqiao airports, according to an announcement at an aviation conference and exhibition at the Hongqiao airport.

According to Shanghai Airport Authority president Jing Yiming, they are currently looking for a new site within the city for business charter flights since "the demands on the business jet market are huge in Shanghai."

Last year, Pudong and Hongqiao received 6,136 business jets, representing a 10 percent growth from 2015.

To meet this increasing demand a new hangar facility for business jets is also being built at Hongqiao.

Business jets currently use the intervals between commercial flights to land or take off at the busy Hongqiao and Pudong airports.

China has become a major market for the global aviation industry, and is expected to need between 5,300 and 6,330 new passenger aircraft over the next 20 years.

The new airport will also be used for flight training, agricultural aviation and air ambulance services.