BEIJING - China's aviation sector will aim to turn losses into profits this year with an expected recovery to 85% of its pre-COVID volume of domestic passenger trips, the aviation regulator said on Monday, Reuters reports. Continue reading original article.
Military & Aerospace Electronics:
11 Jan. 2022 - China has adopted a "zero COVID" policy where the manufacturing powerhouse has enacted serious lockdown policies without concern for short term economic and personal ramifications. For example, government officials have "locked down" Xi'an, a city in China's northwest, with a population of more than 11 million people.
Reuters reports that China's three largest air carriers posted a combined loss of more than $5 billion in the first three quarters of 2021.
The Civil Aviation Administration of China (CAAC) estimates the country will see more than 570 million passenger trips this year, down from about 660 million in pre-COVID 2019.
"Barring repeated fluctuations in COVID-19, we will strive to reverse losses and achieve profitability this year," the CAAC said in a statement.
Jamie Whitney, Associate Editor