Government to give cash subsidies to airlines

THE finance ministry said Thursday that it would offer subsidies to Chinese airlines from May 21 to July 20, to help carriers weather the COVID-19 downturn and higher fuel prices.

Cash support will only be provided when average daily numbers of domestic flights per week are lower or equal to 4,500 flights, and the maximum grant would be 24,000 yuan (US$3,574) per hour, the ministry said in a statement on its website. China announced the issue of 200 billion yuan in bonds earlier this week to support the aviation industry, having previously decided to suspend the prepayment of value-added tax on air transport firms throughout 2022.

Measures unveiled for better use of existing assets

THE government has detailed measures to put infrastructure and other existing assets to better use, as part of efforts to boost effective investment and reduce government debt risks.

According to a guideline released Wednesday by the State Council, the healthy development of infrastructure real estate investment trusts (REITs) will be promoted, and a multi-level infrastructure REITs market will be established. The mobilization of existing assets through public-private partnership projects will be encouraged, the guideline said.

Central SOEs to ease strains for small firms

THE country’s centrally administered State-owned enterprises (SOEs) will help struggling small businesses address pressing difficulties and shore up growth, said a circular unveiled Wednesday.

The central SOEs are required to pay off their debt to small and medium-sized enterprises in a timely manner, and even advance some payments to companies with good credit that may be experiencing hardships, the State-owned Assets Supervision and Administration Commission said in the circular.

SAIC Motor expects strong overseas sales

SAIC Motor is expected to register strong overseas sales in May, said the company Wednesday.

The Shanghai-based carmaker said it is expected to sell more than 70,000 vehicles overseas this month, up over 60% year on year. A ro-ro ship on the shore of Shanghai Haitong Pier with more than 3,000 cars, including over 1,000 from SAIC Motor, departed Wednesday evening and is set to arrive in Australia after 12 to 14 days of sea travel. In 2022, SAIC Motor targets to sell 800,000 vehicles overseas, up 15% year on year.