(Yicai) Jan. 9 -- China’s civil aviation sector swung back into the black last year, thanks to record passenger numbers and steady growth in cargo volumes, according to the industry’s watchdog.

The Civil Aviation Administration of China did not disclose the size of the profit at a work conference today, but did say the industry's total losses fell by CNY20.6 billion (USD2.8 billion) in 2024.

Passenger traffic jumped 18 percent to 730 million, while freight and mail volume climbed 22 percent to 9 million tons. Compared with the pre-pandemic level in 2019, they were up 11 percent and 19 percent, respectively.

Chinese airlines lost nearly CNY400 billion (USD54.6 billion) between 2020 and 2022 as a result of the Covid-19 pandemic. Their losses shrank by CNY187.2 billion in 2023 from the year before as the impact gradually waned, according to previous CAAC data.

The sector is expected to grow steadily and see profits continue to rise this year, with passenger traffic likely to reach 780 million and freight and mail volume 9.5 million tons, the regulator said.

The CAAC will speed up the resumption of international flights, aiming for more than 90 percent of the pre-Covid level this year, it noted. The number of international flights climbed to 6,400 a week last year, or 84 percent of 2019's level.

The industry’s fixed-asset investment exceeded CNY100 billion for the fifth straight year in 2024, hitting a record high of CNY135 billion. China had 263 civil airports that can handle 1.5 billion passengers a year as of Dec. 31, the CAAC noted.

The fixed-asset investment will stay above CNY100 billion this year, with the country aiming to increase the number of civil airports to 270 over the next 12 months, it added.

Editor: Martin Kadiev