The forecast cost of the development is HK$136bn (£11bn).
Secretary for transport and housing Eva Cheng announced that the Airport Authority can now proceed with an environmental impact assessment and plan the design details and financial arrangements.
The environmental assessment is expected to take two years. The government wants the authority to complete the assessment, design and financial options by the end of 2014, so the runway can be built by 2023. Air traffic last year already reached the forecast demand for 2013.
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