Coronavirus: China to launch new airline despite travel downturn

The partners are hoping to capitalise on Hainan’s growing significance in China. The island is about 30 times the size of Hong Kong and is a popular holiday destination for Chinese tourists. Chinese president Xi Jinping also wants to turn the island into the nation’s largest free-trade zone. Beijing has outlined plans to lower the income tax rate on Hainan for selected individuals and companies to 15%, and relax visa requirements for tourists and business travellers. The launch plans come during the biggest crisis the airline industry has faced as planes are grounded and strict quarantines put in place to…