China will invest more than 1.5 trillion yuan ($232 billion) in the aviation industry over the next five years.

4. Paper: China to invest 1.5 trillion yuan in aviation

China will invest more than 1.5 trillion yuan ($232 billion) in the aviation industry over the next five years and will promote consolidation among airlines to boost their international competitiveness, the Shanghai Securities News reported Monday, citing the country's top aviation official.

 Li Jiaxiang, head of the Civil Aviation Administration of China, said the State Council will release regulations outlining a host of new policies, including favorable taxes to help domestic airlines open new international and cargo routes and subsidies encouraging energy conservation and emissions reduction.

Li said China's three largest carriers – Air China, China Southern Airlines and Chine Eastern Airlines – were still too small to compete with their global rivals. The government should encourage their reorganization to strengthen their international competitiveness, Li said.