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Hong Kong’s Cathay Pacific should improve service, tap belt and road potential: Paul Chan
- Paul Chan says government-led financial aid for Cathay has been a win-win result, with nearly HK$4 billion for public coffers
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Hong Kong’s finance chief has told flag carrier Cathay Pacific Airways to raise its service quality to help enhance the city’s status as an international aviation hub and expand its network to promote the nation’s belt and road trade strategy.
Financial Secretary Paul Chan Mo-po revealed his expectations for the airline on Sunday after it earlier said it would buy back from the government HK$9.75 billion (US$1.2 billion) worth of preference shares – the remaining half – which were a key part of a HK$39 billion recapitalisation plan to keep Cathay afloat during the pandemic.
Chan said the government-led financial aid had been a win-win result, with nearly HK$4 billion earned for the public coffers.
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The Hong Kong government is required to implement policies to maintain the city’s status as a global and regional aviation hub under Article 128 of the Basic Law, the city’s mini-constitution.
“We hope Cathay Pacific Airways will continue to improve service quality and support and enhance Hong Kong’s status as an international aviation hub,” Chan wrote in his weekly blog.
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“Looking forward, local airlines should actively expand their route networks in response to the needs of economic development, business connections and public travel and facilitate the country’s Air Silk Road strategy.”
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