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Asia Times
a day ago
- Business
- Asia Times
Chinese state-owned airlines join price war in national mission
Chinese state-owned airlines have joined an intensifying price war, although unwillingly, amid challenges including local passengers' weakening spending power and rising market competition. Air China, Southern Airlines and Eastern Airlines have been facing huge losses for five years since the Covid-19 pandemic broke out in early 2020. Although China canceled all epidemic rules in early 2023, the three firms still recorded net losses in the past two years. They carried more passengers last year than in 2023, but had to lower air ticket prices due to rising competition from budget airlines and China State Railway Group, the country's high-speed train operator. The price war is intensifying this year. Many Chinese airlines now offer domestic round-trip tickets at about 200 to 300 yuan (US$28 to US$42), as it is a low season before the summer holidays. Round-trip tickets to remote cities are 80- 90% off, while those to key cities like Beijing are 40-50% off. Budget airlines such as Spring Airlines and Juneyao Air are growing fast in this price war. a unit of the People's Daily, reported in late May that Chinese airlines have started offering significant discounts to customers. For example, a ticket for a round trip between Chengdu and Kunming costs only 222 yuan, and between Chengdu and Haikou, it costs 237 yuan. Kunming and Haikou are famous for their natural attractions. A Chongqing-based writer said air tickets departing from Chengdu are about 70% off on average from the high season. He said a Beijing-Sanya round trip ticket is only 230 yuan, down from 2,000 yuan during the Spring Festival in late January. He said the competition intensifies as Chinese airlines keep opening new routes this year. Citing Civil Aviation Administration of China (CAAC) data, Xinhua reported in March that 38 airlines will open 640 new domestic flight routes this year, connecting key cities such as Chongqing, Changsha and Tianjin with tourism cities in Xinjiang, Inner Mongolia, Guizhou, Sichuan and Yunnan provinces. The CAAC also allowed 193 local and foreign airlines to add 22,946 new international passenger and cargo flights per week in 2025, or 33% more than in the same period last year. These new routes cover 78 foreign countries, 57 along the Belt and Road. 'Do you think the three state-owned airlines don't want to make a profit?' a Shandong-based columnist called Xiao Song says in an article. 'They have their difficulties.' 'Despite losing money, some routes had to be launched for political reasons, such as those to Xinjiang and Tibet, and those to African and South American countries,' he said. He added that budget airlines and state-owned airlines operate their businesses differently. For example: Spring Airlines targets low-cost tourists who travel to remote cities, while state-owned airlines mainly compete in key cities. Juneyao Airlines offers one-day trips for businesspeople at prices lower than those of the high-speed railway. Budget airlines mainly use Airbus A320, which can fly up to 12 hours per day, compared with state-owned airlines' 10 hours. State-owned airlines deploy domestically some of their long-range Boeing 787 planes, which burn more fuel than narrow-body aircraft. State-owned airlines operate less efficiently than private firms. He said these are reasons why budget airlines can make a profit and pay their pilots 15,000 yuan per 90 flight hours, while state-owned airlines lose money and can only offer their pilots 10,000 yuan. He said state-owned airlines now realize these problems and try to provide more low-cost packages. In 2024, the top seven Chinese airlines, including state-owned and private ones, recorded combined revenues of 587 billion yuan, up 13.6%. Spring Airlines was the most profitable, with a net profit of 2.27 billion yuan. In fact, Air China, Eastern Airlines, and Southern Airlines successfully narrowed their net or before-tax losses last year from 2023. The number of passengers carried was 155 million (+23.8%) for Air China, 141 million (+21.6%) for Eastern Airlines, and 165 million (+16%) for Southern Airlines. According to the CAAC, the total number of flight passengers grew 5.8% to 246.8 million in the first four months of 2025 compared with last year. Currently, the central government does not intend to stop the price war or reduce competition in the airline industry. 'The decline in air ticket prices is good news for the tourism market as it can effectively boost the number of tourists and create growth for related industries such as hotels, catering, transportation and retail,' a Yunnan-based writer says in an article. She thinks the trend will also help diversify the tourism market, as new and small tourism sites can emerge. However, Hsieh Chin-ho, a Taiwanese commentator, said the falling prices of air tickets and hotels will worsen China's deflationary problem, which was caused by the burst of the country's property bubbles several years ago. Hsieh said China's consumer price index (CPI) decreased by 0.1% year-on-year in May, and its producer price index (PPI) dropped by 3.3% year-on-year, showing weak domestic consumption. He said a vicious cycle created by weakening consumption and falling property prices could further drag down the Chinese economy – resulting in a lost decade of slow or negative GDP growth, such as was experienced by Japan from the 1990s to the 2010s. Read: China's fast-growing high-speed railway network faces reality
The Irish Sun
15-05-2025
- The Irish Sun
Family of security guard who died while having sex with girlfriend in office will get PAYOUT over ‘workplace accident'
THE FAMILY of a man in China who died while having sex during working hours will get compensation after his death was ruled an industrial accident. The man in his 60s, referred to just by his surname Zhang, died during the intimate act while working as a security guard. Advertisement 1 The man's death at work was deemed to be an "industrial accident" Credit: Getty He had been the sole guard a small factory in the Chinese capital Beijing before he died. Zhang had been required to work round the clock with no days off, Southern Metropolis News has reported. He had met his girlfriend in a security room on October 6, 2014 - where the couple proceeded to have sex. However, the security guard died during the intimacy. Advertisement read more in world news A police investigation determined he died suddenly, and there were no suspicious circumstances. The man's son Zhang Xiaoshi applied one year later for compensation at the Municipal Social Security Bureau. China's Industrial Injury Insurance Rule states that the death of an employee during working hours should be treated as an industrial accident. An employee's family can then get compensation through the employer and the social security authorities. Advertisement Most read in The US Sun Exclusive Latest But the son's request was initially denied by the authorities, who said Zhang had died while dating his girlfriend, not conducting his duties. Xiaoshi then took the factory and social security authorities to court in 2016. He argued that his dad's death should be considered and industrial accident as he had to work around the clock - forcing him to meet his girlfriend in the security room at work. Taking a rest was a worker's right, Xiaoshi contended. Advertisement The son said: "As an adult male, it was normal for my father to have emotional needs. "Having a romantic relationship is a part of that rest. He did not leave his work area. "So his sudden death should be declared an industrial injury." The court agreed and ruled that the father's death had happened during working hours. Advertisement Despite an appeal from the factory and the social security authority appealed, a higher court upheld the verdict. A February 2017 document from the social security authority confirmed that Zhang's death was an industrial accident, although it's not clear how large the compensation package was. While the death and court case happened several years ago now, the incident has been the subject of renewed social media interest, the South China Morning Post has reported. Chongqing-based lawyer Chen Rui said on social media there are two main factors that saw Xiaoshi win the case. Advertisement One was that Zhang was required to work throughout the year with no holiday, meaning that dating his girlfriend was deemed a physiological need like drinking water and using the toilet. The other factor is that he having sex with his girlfriend, not hiring a prostitute. This meant he did not violate social customs, according to the lawyer.
Scottish Sun
15-05-2025
- Scottish Sun
Family of security guard who died while having sex with girlfriend in office will get PAYOUT over ‘workplace accident'
He had met his girlfriend in a security room, where the couple proceeded to have sex ROMP TRAGEDY Family of security guard who died while having sex with girlfriend in office will get PAYOUT over 'workplace accident' Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THE FAMILY of a man in China who died while having sex during working hours will get compensation after his death was ruled an industrial accident. The man in his 60s, referred to just by his surname Zhang, died during the intimate act while working as a security guard. 1 The man's death at work was deemed to be an "industrial accident" Credit: Getty He had been the sole guard a small factory in the Chinese capital Beijing before he died. Zhang had been required to work round the clock with no days off, Southern Metropolis News has reported. He had met his girlfriend in a security room on October 6, 2014 - where the couple proceeded to have sex. However, the security guard died during the intimacy. read more in world news MUM'S PAIN Mom elephant spends 5HRS trying to rescue dead baby calf trapped under lorry A police investigation determined he died suddenly, and there were no suspicious circumstances. The man's son Zhang Xiaoshi applied one year later for compensation at the Municipal Social Security Bureau. China's Industrial Injury Insurance Rule states that the death of an employee during working hours should be treated as an industrial accident. An employee's family can then get compensation through the employer and the social security authorities. But the son's request was initially denied by the authorities, who said Zhang had died while dating his girlfriend, not conducting his duties. Xiaoshi then took the factory and social security authorities to court in 2016. He argued that his dad's death should be considered and industrial accident as he had to work around the clock - forcing him to meet his girlfriend in the security room at work. Taking a rest was a worker's right, Xiaoshi contended. The son said: "As an adult male, it was normal for my father to have emotional needs. "Having a romantic relationship is a part of that rest. He did not leave his work area. "So his sudden death should be declared an industrial injury." The court agreed and ruled that the father's death had happened during working hours. Despite an appeal from the factory and the social security authority appealed, a higher court upheld the verdict. A February 2017 document from the social security authority confirmed that Zhang's death was an industrial accident, although it's not clear how large the compensation package was. While the death and court case happened several years ago now, the incident has been the subject of renewed social media interest, the South China Morning Post has reported. Chongqing-based lawyer Chen Rui said on social media there are two main factors that saw Xiaoshi win the case. One was that Zhang was required to work throughout the year with no holiday, meaning that dating his girlfriend was deemed a physiological need like drinking water and using the toilet. The other factor is that he having sex with his girlfriend, not hiring a prostitute. This meant he did not violate social customs, according to the lawyer.
The Star
08-05-2025
- Automotive
- The Star
A-share companies post sound 2024 performance
Solid showing: A screen displays market movements in the Shanghai Stock Exchange. Net profit for companies in China's electronics sector rose 35.18% from a year ago. — AFP BEIJING: Most companies listed on China's A-share market delivered robust performances for last year, underscoring the vitality and resilience of the world's second-largest economy. As of Tuesday, 5,304 firms listed on the Shanghai and Shenzhen stock exchanges had released their financial reports for last year, with 66.42% achieving profits, according to financial information provider Wind Info. Notably, 19.21% of the listed companies posted year-on-year (y-o-y) net profit increases of over 20%. The reports reflect the underlying strength of the Chinese economy, buoyed by ongoing industrial transformation and a steady rise in innovation capacity, said Zhu Keli, a researcher with the China Institute of New Economy. Financial disclosures showed emerging sectors, from artificial intelligence and new energy to advanced manufacturing, are becoming fresh growth engines driving China's economic development. According to data from the main board of the Shanghai Stock Exchange, nearly half of China's top 50 listed firms by market capitalisation last year came from emerging industries, a marked increase in both number and proportion. The auto and electronics sectors stood out among emerging industries with stellar net profit growth. The auto industry posted an 11.16% y-o-y expansion in net profit while the electronics sector surged 35.18% from a year earlier, underlining the strong momentum in tech-related manufacturing. Auto parts supplier Shuanglin Group, for instance, reported a more than fivefold increase in net profit last year, driven by rising demand from electric vehicle (EV) makers such as BYD and Changan Auto. The company has also secured new orders from EV brands like Avatr. In the electronics sector, Will Semiconductor Co Ltd Shanghai saw its business performance register marked growth last year, with operating revenue hitting a record high. The leading semiconductor producer credited its rapid expansion to a rebound in the sector and surging demand for high-end smartphones and intelligent vehicles in the market. Technological innovation emerged as a notable feature of corporate performance last year. China's listed companies have been increasingly betting on frontier and disruptive technologies playing a pivotal role in the country's broader push for innovation-driven growth. Data showed that last year, A-share firms accounted for more than half of corporate research and development (R&D) spending nationwide and held nearly one-third of all the country's patents. The R&D intensity, measured by expenditure as a share of operating revenue, gained 0.1 percentage point from a year earlier to 2.6%. Chongqing-based automaker Seres, which collaborates with Huawei on Aito cars, invested nearly seven billion yuan or about US$967.1bil on R&D last year, a surge of about 60% y-o-y. Its research team also expanded by about a quarter from a year earlier to over 6,200 people. By maintaining a strong focus on R&D, the firm has tapped global frontier technologies and innovation resources, facilitating the integration of software and automotive technologies, said Zhang Xinghai, chairman of the company. In the annual Government Work Report released in March, China's policymakers have pledged to make solid progress in high-quality development, outlining measures to better modernise its industrial system and advance the integration of technological and industrial innovation, among others. — Xinhua
South China Morning Post
28-04-2025
- Automotive
- South China Morning Post
Seres, Huawei's carmaking partner, plans Hong Kong listing to fund global expansion
Seres Group , the carmaking partner of Huawei Technologies, has submitted an application to list its shares in Hong Kong. Advertisement The Chongqing-based company, which builds Aito-branded intelligent electric vehicles (EVs), said in a filing to the Hong Kong stock exchange on Monday that it would use the proceeds from the share sale to diversify its sales channels, bolster deliveries to overseas customers, expand its charging network and enhance global brand awareness. The company did not specify the amount it plans to raise. The Shanghai-listed company was valued at 208 billion yuan (US$28.5 billion) on Monday after its shares slid 1.4 per cent to 127.25 yuan. Seres will be the latest mainland Chinese EV company to tap the Hong Kong market as competition in the domestic market intensifies. 'In the future, we will probably face more new rivals in the EV market, and competition is set to get fiercer,' it said. Seres and Huawei jointly produce Aito-branded electric vehicles. Photo: Shutterstock Supported by Huawei's autonomous driving and digital cockpit technologies, Aito has reported surging deliveries over the past three years. In 2024, the company delivered 387,100 vehicles to mainland customers, up 268 per cent from a year earlier. Advertisement
