The potential of the Chinese aviation market remains vast as China's economic growth and opening-up encourage inbound travel for both business and pleasure, according to aviation experts.
The latest data shows that the number of inbound and outbound international passenger flights to and from China has recovered to 80 percent of pre-pandemic levels as global airlines continue to resume and increase routes to meet rising demand.
In terms of scale, China's civil aviation transportation has ranked second in the world for 19 consecutive years.
Experts attributed the country's booming aviation market to its policy dividends. China has enjoyed comprehensive mutual visa exemption with 24 countries, offered visa-free entry policies for 16 countries, and extended 72-hour or 144-hour visa-free transit policy to 54 countries. The visa-free policy and relevant measures have significantly boosted inbound tourism.
"In recent years, China has been enlarging its visa-free 'circle of friends' and implementing a series of policies to facilitate entry and exit, stimulating a growing desire among international travelers to visit China. With the expansion of China's economy and the improvement of people's living standards, the demands for international travel and business exchanges will continue to increase," said Liu Yue, Chief Economist of the International Office of Air Transport Research Institute under China Academy of Civil Aviation Science and Technology.
Liu added that demand for outbound travel in China will also continue to strengthen with the improvement of people's living standards.
Other experts stress that increasingly convenient traveling policies and the improved air-route network will further attract international visitors to China.
"The resumption of international flights to China is closely tied to the country's high-level opening up and high-quality international exchanges. In the future, as global confidence in China's economic development grows and international engagement deepens, China's aviation market will become increasingly attractive to foreign airlines," said Qi Qi, a researcher at the High-quality Development Research Center under the Civil Aviation Administration of China.
Huge potential of China's aviation market attracts int'l airlines
Huge potential of China's aviation market attracts int'l airlines
As the 2024 APEC gathering commences in Lima, Peru, China's deepening partnerships with Latin American nations - bolstered by trade, investment, and the Belt and Road initiative - serves as a key example of the country's commitment to fostering inclusive economic cooperation across the Asia-Pacific region.
Under the overarching theme of "Empower. Include. Grow," APEC Peru 2024 which is running from Nov. 10-16, will bring leaders of its 21 member economies together to set the agenda for the Asia-Pacific region, with trade and investment for inclusive and interconnected growth beiamong the priority areas.
At the APEC media center next to the meeting's main venue, booths promoting new technologies and sustainable development are set up. Organizers say Peru is seeking opportunities to connect the largest markets and insert Peruvian companies in regional and global value chains.
In an opinion article posted on the website of the China Global Television Network (CGTN) last weekend, Peru's Ambassador to China Marco Balarezo wrote that exports to APEC economies represented 68.5 percent of Peru's total international transactions in 2023, and that the Asia-Pacific provides a critical region of opportunities and incorporation in the regional and global supply chains.
Chinese President Xi Jinping will attend this year's APEC Economic Leaders' Meeting and pay a state visit to Peru from Wednesday to Sunday, with this being his sixth visit to Latin America since 2013.
An updated free trade agreement (FTA) between Peru and China, set to be signed during President Xi's visit, is another example of how APEC 2024 will bolster the economy, according to Ambassador Balarezo.
China is Latin America's second-largest trading partner and main source of investment, as well as the top trading partner for many countries in the region including Peru. It has signed Free Trade Agreements with five Latin American economies and established high-quality Belt and Road cooperation with 22 Latin American and Caribbean countries. The cooperation has grown beyond traditional areas like trade, finance, and infrastructure to include newer fields such as energy, the digital economy, and aerospace.
One of the flagship cooperative projects, the China-built Chancay Megaport north of Lima, set to become fully operational shortly after the APEC meeting, is establishing Peru as a gateway for South American trade to Asian markets. Beyond that, Balarezo said Peru invites all APEC enterprises to invest in this near-term endeavor.
Since it started over 30 years ago, APEC has turned into a powerful driver of economic growth and one of the most important forums in the Asia-Pacific region. With 21 member economies, APEC represents around 62 percent of the world's GDP and nearly half of global trade.
APEC is the first regional economic cooperation organization that China joined back in 1991. Experts believe China has accelerated the pace of opening up through APEC cooperation and has provided huge opportunities for economic and trade development in the Asia-Pacific region.
Strengthened China-Latin America ties epitomize APEC's push for inclusive economic cooperation
