The International Air Transport Association (IATA), has strengthened its commitment to China with the opening of a new North Asia Regional Office in Beijing.
China’s aviation industry has grown rapidly over the last 10 years, IATA noted. The aircraft fleet increased from 480 to 1,400 within a decade, while the domestic market grew 3.5 times over the same period from 1.6 million seats a week to 5.7 million seats per week. International seats also grew from half a million weekly seats to 1.4 million within the decade.
Giovanni Bisignani said, “This year, while we expect the airline industry to lose US$2.8 billion, we are predicting a profit of US$900 million for Asia Pacific this year, the biggest of any region. The dynamism of the China market is helping to drive profits in the region.”
The Moodie Report said he also highlighted the importance of market liberalization in ensuring China’s growth continues.