Li Jiaxiang, CAAC Minister, announced that as of 12-Sep-2009, Chinese airlines have made a combined CNY8 billion (USD1.2 billion) profit this year. The nation’s carriers have thus apparently rebounded in spectacular fashion from last year’s travel slump and massive losses, caused by the Beijing Olympics security clampdown, the Sichuan earthquake, the global recession and bad fuel hedging positions. This is a somewhat surprising statement, given the scale of government handouts that have been until recently given to prop-up China’s major state-owned loss-making airlines.
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