China Civil Aviation Turns Losses into Profits

BEIJING, August 16 (Xinhua) -- Civil aviation in China has accumulatively earned 262 million yuan over the past seven months, and has thus far reached this year's goal of turning great losses into profits.

The sector suffered great losses in 1998 due to the negative impact of the Asian financial crisis and fierce prices competition among domestic airlines.

According to the General Administration of Civil Aviation of China (CAAC), civil aviation was still experiencing losses in January, which were reduced in February, and were turned into profits in May, June, and July.

Statistics show that the gross transport turnover for this sector completed in the first seven months stood at 5.6 billion tons, up 11.6 percent over the same period of last year.

Passenger transport volume during the period hit 33.3 million people, and cargo and post transport volume reached 900,000 tons, up 3.7 percent and 20.8 percent, respectively.

An official with CAAC ascribed this achievement to measures adopted by the sector to standardize domestic prices, ban illegal air-ticket agencies, and cut down the transport cost.