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Last updated at: (Beijing Time) Saturday, October 12, 2002

Six Chinese Aviation Companies Founded

As a result of mergers, Air China,China Eastern Airlines and China Southern Airlines were established here Friday.


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As a result of mergers, Air China,China Eastern Airlines and China Southern Airlines were established here Friday.

These corporations were founded on the basis of nine airline companies.

Air China now has total assets worth 57.3 billion yuan (6.9 billion US dollars) and operates 307 air routes with 118 planes.

China Eastern Airlines has total assets of 47.3 billion yuan (5.7 billion dollars) and 386 air routes with 142 planes.

China Southern Airlines has total assets of 50.1 billion yuan (6 billion dollars) and 666 air routes with 180 planes.

The three airline groups also hold the shares of 14 air transport companies.

In the meantime, China Aviation Fuel Corporation, China TravelSky Holding Company and China Aviation Supplies Import and Export Group Corporation were set up Friday.

Regrouping makes China's aviation industry more competitive
The founding of six Chinese aviation companies is expected to sharpen the competitive edge of China's aviation industry, said Gao Hongfeng, deputy director general of the General Administration of Civil Aviation of China (CAAC), on Friday.

The restructuring is a basic reform with an aim to optimize thestructure of the industry and improve its quality and efficiency, Gao said. It will also prepare the industry for aviation partnerships and the challenges which follow WTO membership.

The regrouping of Air China, China Eastern and China Southern will raise the standards of enterprise management, improve asset structure and economic efficiency and optimize resources, he added.

It is a global trend for airlines to join with one another in partnerships as this helps financially and enables the related companies to be more competitive. The restructuring of Chinese airlines will also enable more talented, qualified people to be trained and be involved in acute international competitions.


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