Air transport sector to recover faster

The air transport industry will see a faster recovery in China than in other major foreign markets, especially on domestic routes, the Aviation Industry Development Research Center of China said in a new report on Thursday. By 2039, China will need 8,854 passenger aircraft, including 1804 widebody aircraft, 5,991 single-aisle planes and 1,059 regional aircraft, the report said. The country will have a freighter fleet of 645 airplanes by then.

Luckin to pay penalty for misreporting

Luckin Coffee, the China-based rival to Starbucks, has agreed to pay a $180 million penalty to settle accounting fraud charges for "intentionally and materially" overstating its 2019 revenue and understating a net loss, the United States Securities and Exchange Commission said on Wednesday.

China Daily