According to a report by Beijing local media, China’s flagship carrier, Air China Limited plans to team up with the Beijing municipal government to tap the business jet market.

The two sides are reported to sign an agreement soon in order to form a joint venture that rents jets to businesses.

China's business jet market is in its infancy, with the number of business jets in the country less than 1% than that of the U.S. market. However, it is estimated that the country will need 600 to 1,200 business jets in the next 10 years.