中国政府扩大航空投资

私有制份额在中国商业航空领域逐渐减少——不是因为中央政府试图消灭私有制，而是因为这个行业不断从支持它的省市政府那里吸纳投资。

Private ownership is a diminishing factor in Chinese commercial aviation—not because the central government is trying to stamp it out, but because the industry keeps drawing investments from supportive municipal and provincial governments.

过去5周，有座城市宣称将完全接管一家航空公司，有个省份向另一家航空公司注资以说服其转移总部，而且海航集团还有两个国内运营商已成为海航旗下最后从其所在地市政府获得投资的公司。注资可能会成为中国地方政府支持地方航空公司的一种较为常见的方式，原因在于中央政府不鼓励行业补贴。

In the past five weeks, one city has said it would take over an airline completely, a province has put money into another to persuade it to shift its headquarters, and two more HNA local carriers have become the group’s latest to receive investments from their home municipalities. Injecting capital may become a more common way for Chinese local governments to back local airlines, since the central government is discouraging industry subsidies.

青岛航空公司已完全公有制。公司总部所在地的华东地区青岛市政府正通过一家子公司收购这家航空公司连同民营南山集团的其他航空资产，其中包括商务航空运营商南山公务机有限公司（Nanshan Jet）。

Qingdao Airlines is the carrier that has been taken into complete public ownership. The government of its home city, Qingdao in eastern China, is using a subsidiary to buy the airline along with the other aviation assets of the private Nanshan Group, including business aviation operator Nanshan Jet.

虽然斥资68.5亿元（9.83亿美元）予以收购的原因尚未说明，但这家成立5年的航空公司仅报告过一次盈利（2017年）的情况。任何一个中国城市政府都会惊恐辖区内的航空公司出现倒闭的情况，这是因为航空联系有助于促进经济增长。青岛航空拥有25架空客A320，但其中17架是租用的。

The reasons for the 6.85 billion yuan ($983 million) acquisition have not been stated, but the five-year-old airline has only reported a profit once, for 2017. Any Chinese municipal government would be alarmed at the possible closure of a local carrier, because air links are valued for helping to promote economic growth. Qingdao Airlines has 25 Airbus A320s, of which 17 are leased.

青岛航空于2014年开始运营时，青岛市政府也是其股东之一。2015年，南山集团卷入腐败丑闻时，青岛市政府和另一官方股东山东航空出售了所持的股份。

The city was a shareholder in Qingdao Airlines when it began flying in 2014. The city and another official shareholder, Shandong Airlines, sold their shares in 2015 when Nanshan Group was embroiled in a corruption scandal.

刺激地方政府给予投资的一个因素是，辖区内的航空公司可能会被提供资金和支持的另一个市政府抢走。这种情况曾发生在私有航空公司红土航空（Air Travel）身上，红土航空原本是位于西南地区云南省的一家航空公司。获得湖南省的投资后，红土航空已迁至湖南省省会长沙市。

One stimulus for municipal investment is the risk that a local carrier could be rustled by another government offering capital and support. That happened with privately owned Air Travel, an airline formerly based in the southwestern province of Yunnan. It has moved to Changsha, the capital of Hunan, following investment from that province.

2016年以前，湖南省可以通过向航空集团（通常是海航）提供资金和其它激励措施的途径组建一家新航空公司。但中国民用航空总局现在不愿批准成立新的干线客运航空公司。

Until 2016, Hunan could have gained a new airline by offering capital and other incentives to an airline group, typically HNA, to establish one. But the Civil Aviation Administration of China now is disinclined to license new mainline passenger carriers.

这条消息是Bradley Perrett在Aviation Week & Space Technology发表文章的摘要。欲更详细了解有关红土航空的发展历史及其他类似交易，请阅读全文。

This is an abbreviated version of an article by Bradley Perrett that appeared in Aviation Week & Space Technology. More details about Air Travel’s history and other similar transactions are in the full article. Login or subscribe to access full article here.