If you want a hint at the pace of China’s economic rebound and how it might lift Australia’s economy, look to the skies, says one seasoned Chinese-Australian businessman.
Watch in particular for the expansion of flights between the two nations, especially those run by China Eastern Airlines from Shanghai, China’s financial powerhouse.
“Of China’s ‘gold collar’ people – or high net worth individuals – 80% are from Shanghai,” said the businessman, who requested anonymity given his extensive links to Chinese firms in Australia. “That’s a signal. If China Eastern is not operating many flights, that means trouble.”
The early signs are promising. China Eastern had cut its pre-Covid schedule of 10 weekly flights from Shanghai to Sydney to as few as one, while its 10 runs to Melbourne were suspended entirely – but from 1 February, the Sydney to Shanghai route will be daily, a spokesperson said.
China’s economy, the…
