2016 predictions: Major expectations for the industry in 2016 are: total traffic turnover will be 95.3 billion tonne kilometers, passengers carried will be 485 million, and freight tonnage carried will be 6.8 million tonnes, with year-over-year increases of 11.5%, 10.7% and 8.3%, respectively. Through the 13^th Five-Year Plan, we anticipate China’s international aviation market to maintain strong growth at over 15%.

From a Company standpoint, due to fundamentally saturated major domestic route resources and an ample incremental demand, 2016 domestic earnings will remain positive and load factors and ticket prices will continue to grow steadily. Overall growth in international demand will rise rapidly to around 15%, the Company’s passenger load factor will remain fundamentally flat, ticket prices will become stressed and yields will drop to some extent.