Printed on Wed Jul 06 2022 2:05:10 AM

China to give cash subsidies to airlines for 2 months

International desk
World

China's finance ministry said on Thursday, May 26th, that it would offer subsidies to Chinese airlines from May 21 to July 20 to help carriers weather the coronavirus-induced downturn and higher oil prices.


Cash support will only be provided when the average daily numbers of domestic flights per week are lower or equal to 4,500 flights and when the average load factors are lower than 75%, the ministry said on its website.

The maximum grant would be 24,000 yuan ($3,574) per hour for the loss-making flights, the ministry added.

Analysts expect another year in the red for Chinese airlines in 2022, on top of heavy losses for the past two years, as Beijing sticks with its zero-Covid policy to stop the spread of the virus.

 

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