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Etihad Airways, Henan Province Airport Group Sign Deal to Boost Sino-Arab Cargo Ties

Etihad Airways, Henan Province Airport Group Sign Deal to Boost Sino-Arab Cargo Ties
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Etihad Airways, Henan Province Airport Group Sign Deal to Boost Sino-Arab Cargo Ties

Etihad Airways, Henan Province Airport Group Sign Deal to Boost Sino-Arab Cargo Ties

UAE's Etihad Airways and and Henan Province Airport Group agreed to establish a strategic partnership to strengthen aviation ties between the UAE and China.

This follows the signing of a virtual Memorandum of Understanding (MOU) during the virtual "Zhengzhou Week" event hosted by Expo 2020 Dubai China Pavilion starting from 27 December 2021, state news agency WAM reported.

The MOU highlights Etihad’s plans for potential operation of regular cargo services between Abu Dhabi International Airport (AUH) and Zhengzhou Xinzheng International Airport (CGO) to create the "Air Silk Road" between Henan Province and the emirate of Abu Dhabi.

The MOU also outlines cooperation between the two parties to build the CGO airport into an air freight hub in the region, and to diversify product sales and cargo distribution channels at Zhengzhou Xinzheng International Airport.

Martin Drew, Senior Vice President Sales and Cargo, Etihad Airways said: "Etihad is very excited to see the potential to further expand its cargo footprint in China, and to create the ‘Air Silk Road’ between the emirate and Central China together with Henan Province Airport Group."

"This will greatly improve the diversification of product sales and cargo distribution channels in this region and strengthen economic and trade links between the UAE and China, and beyond"

For his part, Kang Xingzhen, Chairman of Henan Airport Group Co. Ltd. complimented the cooperation: "Today, we are very pleased to sign the MoU with Etihad Airways, a key airline player in the Middle East region with extensive network to Asia, the Middle East, Europe and Africa, to explore various opportunities under the ‘Air Silk Road’ aviation initiative inspired by the China-proposed ‘Belt and Road Initiative’.

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China's Exports Miss forecasts as Lone Bright Spot Fades

Employees work on solar photovoltaic modules that will be exported at a factory in Lianyungang, in China's eastern Jiangsu province on January 4, 2024. (Photo by AFP)
Employees work on solar photovoltaic modules that will be exported at a factory in Lianyungang, in China's eastern Jiangsu province on January 4, 2024. (Photo by AFP)
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China's Exports Miss forecasts as Lone Bright Spot Fades

Employees work on solar photovoltaic modules that will be exported at a factory in Lianyungang, in China's eastern Jiangsu province on January 4, 2024. (Photo by AFP)
Employees work on solar photovoltaic modules that will be exported at a factory in Lianyungang, in China's eastern Jiangsu province on January 4, 2024. (Photo by AFP)

China's export growth slowed sharply in September while imports also unexpectedly decelerated, undershooting forecasts by big margins and suggesting manufacturers are slashing prices to move inventory ahead of tariffs from several trade partners.

Last month, export momentum had been one bright spot for the Chinese economy that has struggled to gain traction due to weak domestic demand and a property market debt crisis, adding to the urgency for stronger stimulus.

Outbound shipments from the world's second-largest economy grew 2.4% year-on-year last month, the slowest pace since April, customs data showed on Monday, missing a forecast 6.0% increase in a Reuters poll of economists and a 8.7% rise in August.

Imports edged up 0.3%, missing expectations for a 0.9% rise and softer than 0.5% growth previously.

The weak data does not bode well for exports in coming months as just under a third of China's purchases are parts for re-export, particularly in the electronics sector.

The European Commission on Oct. 4 saw its motion to impose additional duties on electric vehicles built in China of up to 45% pass in a divided vote of EU member states, joining the US and Canada in tightening trade measures against China.

China's overall trade surplus narrowed to $81.71 billion in September from $91.02 billion in August and missed a forecast of $89.80 billion.

China's trade surplus with the United States narrowed to $33.33 billion in September from $33.81 billion in August, customs data showed on Monday.

Manufacturing activity shrank sharply in September, according to a recent factory owners' confidence survey, with new export orders falling to their worst in seven months.

Analysts have attributed previous months' strong export performance to factory owners slashing prices to find buyers.

Analysts anticipate it will take a long time to restore consumer and business confidence and get the $19 trillion economy on a more solid footing. A housing market recovery, in particular, could be a long way off.

That said, China's iron ore imports rose 2.9% last month year-on-year, partly on hopes for improved demand over September and October, the peak construction season, while the country's copper imports climbed from a month prior too.

New bank lending in China missed forecasts in September, separate data released by the People's Bank of China showed, although household loans, including mortgages, rose to 500 billion yuan in September from 190 billion yuan in August, according to Reuters' calculations.