China is full of debt 2》Xi Jinping built the airport 1+1＜2 The debt at the first national gate worsened

(AI synthesis diagram)

[Reporter Gao Jiahe/Comprehensive Report] Beijing Daxing International Airport has been touted by the Chinese media as the first of the "Seven Wonders of the New World" and is a political achievement project personally approved by General Secretary of the Communist Party of China Xi Jinping. This super airport cost nearly 80 billion yuan (the same below) to build. However, due to the intensification of the confrontation between the United States and China, the withdrawal of foreign investment and the tightening of border controls, the Beijing Capital International Airport, known as "China's first national gate", has also been dragged into the water. It has an operational dilemma of 1+1 less than 2.

After the opening of Daxing Airport, the most direct victim was Beijing Capital International Airport; the operation of Capital Airport took a sharp turn, and it has been in losses for six consecutive years from 2020 to 2025, with cumulative losses reaching approximately 11.5 billion yuan.

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The "Capital Airport Group", which is responsible for operating both airports, has assumed the depreciation, maintenance and interest expenses caused by the sky-high construction costs of Daxing Airport. Even if the hardware of the two major airports is extremely luxurious, the group has accumulated losses of more than 40.1 billion (approximately NT$180.4 billion) in the past five years (2020 to 2025); instead of expanding Beijing’s international influence, the dual-airport structure has fallen into the dilemma of 1+1 less than 2 in financial reports.

The tragic situation at the Chinese capital's gate is just a microcosm of the aviation industry's debt crisis. "Local regional airports" throughout third- and fourth-tier cities are facing an existential crisis. More than 70% of local regional airports are in a state of serious loss, and most of them have been reduced to "mosquito airports." In addition to the Central Civil Aviation Administration, which is forced to prepare billions of "universal service subsidies" every year to maintain the survival of 130 to 180 small and medium-sized airports in various places, it has made the hidden debts of local governments' already high "Local Financing Vehicles (LGFV)" even worse.

The reduction in airport traffic has also impacted the three major airlines. According to the latest financial report for the first half of 2026, the total net loss including Air China, China Eastern Airlines and China Southern Airlines reached 8.16 billion. If major players such as Hainan Airlines are added, the loss will be even more shocking.

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