China's civil aviation sees record-high passenger trips, fixed-asset investment in 2024

China's civil aviation sector maintained steady operations in 2024, with both air passenger traffic and fixed-asset investment reaching record highs, according to the Civil Aviation Administration of China (CAAC).

The industry's watchdog revealed that the country's civil aviation industry last year achieved a record passenger volume of 730 million and a cargo and mail volume of 8.98 million metric tons, with year-on-year increases of 17.9 percent and 22.1 percent, respectively.

During the same period, the number of international flights surged to weekly 6,400, reaching 84 percent of pre-pandemic levels, with the international cargo and mail volume jumping by 29.3 percent.

Thanks to record passenger numbers and steady growth in cargo volumes, the sector in 2024 reduced its losses by 19.24 billion yuan (around 2.62 billion U.S. dollars) from a year ago, hitting the break-even point and swinging back into the black.

From January to December, the sector's fixed-asset investment exceeded 100 billion yuan (roughly 13.64 billion U.S. dollars) for the fifth straight year, hitting a record high of 135 billion yuan (about 18.41 billion U.S. dollars), the CAAC highlighted.

In 2024, China's aviation infrastructure underwent significant expansion, with the addition of five new runways, 25 aircraft parking stands, and 19,000 square meters of terminal building area. This growth brought the total number of transport airports to 263, with a combined capacity to handle 1.5 billion passengers. Additionally, the first phase of control capacity improvement projects was fully implemented.

The year also saw steady progress on key projects outlined in the 14th Five-Year Plan (2021-2025), including the development of advanced air traffic control radar systems, weather radar networks, and expanded communication networks. Furthermore, the country's air route network was enhanced with the introduction of 45 new routes, spanning a total of 8,349 kilometers.

China's civil aviation sees record-high passenger trips, fixed-asset investment in 2024

China has signed 23 free trade agreements (FTAs) with 30 countries and regions so far, a spokesman for the Ministry of Commerce (MOC) said on Thursday.

The China-Maldives FTA took effect on Jan 1, with over 95 percent of products traded between the two countries now exempt from tariffs, MOC spokesman He Yadong said at a press conference in Beijing.

In terms of service trade, both sides have agreed to further open their service sectors. On investment, the two countries have granted each other national treatment and mutually committed to protecting two-way investments, according to the spokesman.

Additionally, the upgraded protocol of the China-Singapore FTA came into effect on Dec 31 last year. Both parties have committed to opening their manufacturing markets and expanding cooperation in emerging sectors such as the digital economy, He added.

"To date, China has signed 23 FTAs with 30 countries and regions across all five continents. The network of free trade agreements is continually expanding and deepening, with their scope and quality constantly enhanced. New areas, such as service trade, investment negative lists, standards cooperation, and the digital economy, have now become standard components of China's recently signed FTAs," said He.

Next, China will further expand its high-standard free trade network globally, and focus on effectively implementing existing agreements to deliver greater benefits to the people of China and its FTA partners, according to He.

China's FTA partners reach 30: spokesman