Air China, China Eastern and China Southern—collectively carrying nearly two-thirds of China’s passenger traffic—each returned to the black in the third quarter of 2025, buoyed by a summer surge that pushed international capacity to roughly 85 percent of 2019 levels. Air China earned RMB 4.14 billion, China Eastern RMB 3.53 billion and China Southern RMB 3.84 billion, Reuters reports. The carriers cite robust demand on Europe and Australia routes, plus premium-cabin sales tied to revived corporate travel.
Yet executives struck a cautious tone. China’s GDP growth has slowed, high-speed rail continues to siphon off short-haul traffic, and cut-throat domestic fare wars squeezed yields after the National Day holiday. Internationally, Chinese airlines still operate just 32 weekly round trips to the United States—about 20 percent of the 2019 level—constraining North-American business connectivity.
To shore up balance sheets, Air China plans a RMB 20 billion A-share placement, earmarked for debt reduction and fleet modernisation. Analysts say stronger balance sheets are essential as Boeing 787 and Airbus A350 deliveries resume in 2026, expanding long-haul capacity by another 12 percent.
For mobility planners the message is mixed. Seat availability to Europe and Southeast Asia is improving and prices have moderated since early October, but trans-Pacific options remain limited and expensive, often routing through a third country. Companies should continue to budget for longer lead times and higher fares on China–US itineraries in 2026.
Regulatory-wise, China’s Civil Aviation Administration is expected to unveil its 14th Five-Year Aviation Plan in December, potentially raising foreign-carrier frequency caps—a move that could further reshape corporate travel dynamics.
Yet executives struck a cautious tone. China’s GDP growth has slowed, high-speed rail continues to siphon off short-haul traffic, and cut-throat domestic fare wars squeezed yields after the National Day holiday. Internationally, Chinese airlines still operate just 32 weekly round trips to the United States—about 20 percent of the 2019 level—constraining North-American business connectivity.
To shore up balance sheets, Air China plans a RMB 20 billion A-share placement, earmarked for debt reduction and fleet modernisation. Analysts say stronger balance sheets are essential as Boeing 787 and Airbus A350 deliveries resume in 2026, expanding long-haul capacity by another 12 percent.
For mobility planners the message is mixed. Seat availability to Europe and Southeast Asia is improving and prices have moderated since early October, but trans-Pacific options remain limited and expensive, often routing through a third country. Companies should continue to budget for longer lead times and higher fares on China–US itineraries in 2026.
Regulatory-wise, China’s Civil Aviation Administration is expected to unveil its 14th Five-Year Aviation Plan in December, potentially raising foreign-carrier frequency caps—a move that could further reshape corporate travel dynamics.
ماخذ: Reuters
