China to increase investment, cut costs in civil aviation sector

BEIJING - China will increase infrastructure investment and cut corporate costs in the civil aviation industry as part of efforts to foster stable growth of the sector, the Civil Aviation Administration said Monday.

The civil aviation development fund will subsidize companies in the sector to invest in fixed assets for the control of the novel coronavirus disease (COVID-19), the administration said in a statement.

Support will be given to the resumption of major projects as well as the planning and construction of key infrastructure such as air traffic control and oil supply, it said.

Airlines will be temporarily exempted from paying contributions to the development fund, while financial support will be given to international air transport and key flight missions for disease control, it said.

The administration also vowed to slash administrative fees and improve government services to support companies in the sector.