China's aviation sector faces a complex revival, with international routes showing an uneven recovery and the domestic market growing robustly, Fitch Ratings said in a Wednesday release.
International travel has reached 88% of pre-pandemic levels, but recovery is varied across regions, Fitch said.
Meanwhile, profitability among most tier-one airports has bounced back, pointing to strong demand for domestic air travel, according to the rating agency.
Air cargo volumes grew 16.6% year over year in Q4 of 2024, driven by international cargo growth and a rise in e-commerce.
Airports in Shanghai, Guangzhou, and Shenzhen have maintained profitability, but Beijing Capital International Airport (HKG:0694) has fallen behind due to weak international traffic and passenger diversion, Fitch said.
Aero revenue is recovering well but non-aeronautical revenue remains constrained by slow international passenger recovery and subdued spending, the rating agency said.
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