China's finance ministry on Wednesday said it would allocate RMB 3.29 billion (USD 492.04 million) in the first batch of cash subsidies to airlines this year, part of the government's efforts to rescue the battered aviation industry.
Reuters calculations showed that would amount to a total of RMB 6.53 billion of fiscal support available from the central and local governments to Chinese airlines under the government's two-month support policy from May 21 to July 20.
China's airline industry, which took a heavy hit after authorities locked down the mega city of Shanghai in early April, has shown signs of recovery in recent days. The daily number of flights had exceeded 6,000 for two days in a row, according to Variflight data on Tuesday.
Data from OAG on Tuesday showed that airline capacity in China is returning and it increased by more than a third this week, compared to the week before.
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