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China's Airlines Stick Their Hands In The Pot

Airlines in China are queuing up with the rest of the country’s companies for a ladleful of life-saving capital. Looks like now’s the time to see if this communism thing really works!

In addition to China’s already announced 4 trillion yuan ($586 billion) economic stimulus package, Air China and the other big Chinese airlines are seeking industry-specific government aid to cope with their losses. Even the mention of the bailout sent shares of China’s three biggest carriers soaring. According to Reuters, China Eastern Airlines and China Southern Airlines were each likely to receive 3 billion yuan, or $439 million.

No word on whether the extra cash will prompt these carriers to trade in the rubbery meat they try to pass off as chicken, but we’re guessing, per usual, the passenger will be the last one to reap the benefits of any eventual government infusions of cash.

Related Stories:
· Chinese Airlines Look to Beijing for Help [Reuters, via IHT]
· China Travel coverage [Jaunted]

[Photo: msitting]