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Back中國遍地是債2》習近平蓋機場1+1＜2 第一國門債務惡化
中國遍地是債2》習近平蓋機場1+1＜2 第一國門債務惡化
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自由时报3 hours agoBusiness2 min readChinaView translation

中國遍地是債2》習近平蓋機場1+1＜2 第一國門債務惡化

北京大興國際機場北京首都國際機場首都機場集團

Quick Look

北京大興國際機場啟用後，未能帶來預期效益，反而拖累北京首都國際機場陷入虧損。首都機場集團同時營運兩座機場，2020年至2025年累計虧損逾401億元人民幣。地方支線機場超過70%處於嚴重虧損，三大國航2026年上半年淨虧損達81.6億元，反映中國航空業債務危機加劇。

AI-generated summary

Why It Matters

北京大興國際機場耗資近800億元人民幣建設，被中媒吹捧為「新世界七大奇蹟」之首，是習近平親自拍板的政績工程。然而，美中對抗加劇、外資撤離與加嚴邊境管制導致機場客流不及預期，反而拖累原本的北京首都國際機場營運惡化。

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（AI合成示意圖）

〔記者高嘉和/綜合報導〕北京大興國際機場被中媒吹捧為「新世界七大奇蹟」之首，更是中共總書記習近平親自拍板的政績工程。這座耗資近800億元人民幣（以下同）打造的超級機場，卻因美中對抗加劇、外資撤離與加嚴邊境管制等衝擊下，將素有「中國第一國門」之稱的北京首都國際機場也拖下水，出現1+1小於2的營運困境。

大興機場啟用後，最直接的受害者是北京首都國際機場；首都機場營運急轉直下，從2020年至2025年已連續6年陷入虧損，累計虧損高達約115億元人民幣。

請繼續往下閱讀...

負責同時營運這兩座機場的「首都機場集團」，承擔了大興機場天價興建成本所帶來的折舊、維護與利息支出。就算兩大機場硬體極盡奢華，該集團在過去5年間（2020年至2025年）累計虧損逾401億（約台幣1804億）；雙機場格局非但沒有擴大北京的國際輻射力，反而財報上陷入1+1小於2的困境。

中國首都國門慘況只是航空業債務危機縮影。遍布三、四線城市的「地方支線機場」更面臨生死存亡的危機，超過70%的地方支線機場處於嚴重虧損狀態，大多淪為「蚊子機場」，除了中央民航局每年被迫編列數十億的「普遍服務補貼」，來維持130至180座各地中小機場生存，更讓地方政府原本就已高築的「地方融資平台（LGFV）」隱性債務雪上加霜。

機場人流減少也衝擊到三大國航。根據2026年上半年最新財報，包括中國國航、東方航空與南方航空合計淨虧損達81.6億，若加上海南航空等主要業者，虧損幅度更加驚人。

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What to Watch

AI outlook — possibilities, not facts

  • 首都機場集團將在未來兩年內啟動債務重組或資產出售計畫

    Likely · Within months

  • 民航局將繼續增加對虧損機場的普遍服務補貼力度

    Possible · Within months

Open Questions

  • 大興機場何時才能實現盈亏平衡？
  • 地方支線機場的普遍服務補貼將如何長期維持？
  • 三大國航的虧損趨勢何時能被扭轉？
  • 首都機場集團的債務重組計畫是什麼？

Related Topics

北京大興國際機場
People習近平高嘉和
Organizations北京首都國際機場首都機場集團中國國航
Places北京中國
Topics北京首都國際機場首都機場集團中國國航東方航空南方航空地方支線機場
This article was originally published by 自由时报.

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