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Budget airlines coming to China
Low-cost airlines will likely see business soar in the next decade in China -- Asia's biggest domestic air travel market -- finance company MasterCard International has said in a report.
China has a large airspace, a massive domestic market and easy connections with the rest of Asia, the report said. "The real driver of change in the low-cost carrier industry is China," Yuwa Hedrick-Wong, MasterCard's economic adviser for the Asia Pacific region, said at a news conference on the report, Wednesday. "When China starts to take the lead, the region will follow," Hedrick-Wong said. The report estimated that low-cost carriers will account for 25 percent of the growth in air travel by 2013. But it also pointed out numerous problems, chiefly a lack of basic transport infrastructure that is hindering investment in airlines, as well as an overly regulated market. China has been on an airport-building binge and recently began accepting applications for new, privately owned budget airlines -- but low-cost air travel remains in its infancy. "We are likely to see movement within China's low-cost carrier industry within the next 10 years," Hedrick-Wong said.
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