Civil Aviation sector of China took a massive $3.52 billion hit in revenue in February due to the coronavirus outbreak.
According to Civil Aviation Administration of China (CAAC), the civil aviation passenger traffic in China has dropped 84.5% drop year-on-year to 8.34 million trips.
In order to ease the financial burden, the Civil Aviation Administration of China (CAAC) said it will provide subsidies to Chinese airlines and give additional funding for international flights.
Take-off and landing charges are also being reduced to help carriers cut costs during the downturn, while airport infrastructure spending will be increased by 100bn yuan during 2020.
China’s biggest airlines include China Southern, China Eastern, Air China and Hainan Airlines have been suffering from the passenger downturn.
Most international carriers have cancelled services to mainland China with several pushing these suspensions into April.