CAAC plans robust recovery in 2023, aims to cover 75% of losses

The Civil Aviation Administration of China (CAAC) is planning for the aviation industry to break even in 2023 to cover up for the pandemic losses. Prior to pandemic, the Chinese aviation industry had been profitable for 11 consecutive years. Song Zhiyong, Director General of CAAC, said: “We aim to log revenue of about 75% of the pre-pandemic level this year.  The civil aviation industry lost $32 billion in 2022, more than the losses of the past two years combined, with eight airlines having asset indebtedness of over 100%.” In China, the latest figures show the daily flight volume to be