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China opens up aviation sector to private investment

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China opens up aviation sector to private investment

China has published a list of 28 civil aviation projects open to private investments, which could reach 110 billion yuan, China Daily reported.

The list was released in late August by the Civil Aviation Administration of China and National Development and Reform Commission, according to the report. Listed projects spanned traditional sectors such as airport construction, cargo logistics, plane maintenance and air rescue, and emerging sectors including drone delivery and airborne data communications.

Private investors for 11 of the 28 projects have been finalized, including investments in the airport at E'zhou in central China's Hubei province. The other 17 projects, including a new airport in Hohhot in the autonomous region of Inner Mongolia in northern China, remain open for private sector participation, the CAAC said.

A second list of civil aviation projects seeking private investments will be released "at an appropriate time" after assessing progress in the first group of projects, the aviation authority added.

In April, Chinese President Xi Jinping vowed to open up the aviation sector, along with shipping and financial services, to more foreign investment.

As of Sept. 10, US$1 was equivalent to 6.86 Chinese yuan.