China’s campaign against corruption launched by Chinese President Xi Jinping, which has dented sales of luxury goods, has now grounded the private jet sector.
According to Jetnet, an aviation data provider, purchases of business jets by Chinese companies peaked at 55 in 2011, the year before Mr Xi assumed power at the Chinese Communist party’s 18th congress. They have declined steadily ever since, to just 35 last year.
The fall-off has been exacerbated by severe capacity constraints and a yawning infrastructure gap, shattering expectations that China’s private jet fleet — 350 aircraft — would triple over the next five years. By contrast, more than 12,000 private jets operate in the US.
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