China's Aviation Industry Lost CNY28 Billion In 2008

Yang Guoqing, deputy director of Civil Aviation Administration of China and a deputy to the current CPPCC meeting, has disclosed to local media that China's aviation industry suffered a total loss of CNY28 billion in 2008, which is said to be the biggest loss suffered by the Chinese aviation industry in 30 years.

Yang said that China's aviation transportation declined dramatically in 2008, and due to such unexpected factors as the blizzard at the beginning of the year, the Sichuan earthquake, and the global financial crisis, the whole industry encountered a total loss of CNY28 billion.

Yang said that in January this year, there was an increase in the number of airline passengers, but the air cargo services still continued to decline, and the international air transport market has still not recovered.

Yang suggested that more investment be made on airport construction this year and more international cooperation agreements be formed.

Doubly affected by the high oil price in the first half of 2008 and the decrease in demand in the second half of the year, the international aviation industry sufferedlosses totaling USD8 billion in 2008.