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Soaring to New Heights in the Greater Bay Area: Opportunities and Market Potentials for the Aviation Industry Content 1 Soaring to new heights in the Greater Bay Area: Opportunities and market potentials for the aviation industry Content 1. Strengths of the aviation industry in the Greater Bay Area 3 from a macro perspective 2. Optimise airport infrastructures to scale the development of the industry 5 3. Cultivate growth of related industries through marketisation of airlines 9 4. Achieve efficient allocation of aviation resources through a comprehensive 12 transportation system 5. Logistics capacity as a growth enabler for aviation leasing 14 Conclusion 17 Contact us 18 Soaring to new heights in the Greater Bay Area: Opportunities and market potentials for the aviation industry 2 1. Strengths of the aviation industry in the Greater Bay Area from a macro perspective Soaring to new heights in the Greater Bay Area: Opportunities and market potentials for the aviation industry 3 1. Strengths of the aviation industry in the GBA from a macro perspective In February 2019, the Central Committee of the The Greater Bay Area is a hub that integrates Communist Party of China and the State Council manufacturing, technology and financial services – officially published the “Outline Development Plan for incorporating the strategic positioning of the other three the Guangdong-Hong Kong-Macao Greater Bay Area”. global Bay Areas. The Guangdong province has been a It stated clearly the national-level strategic plan for major manufacturing cluster since China’s economic developing the Guangdong-Hong Kong-Macao Greater reform and opening-up, with Dongguan and Foshan Bay Area (hereinafter referred to as Greater Bay Area renowned for being the centre of world-class or GBA for short), with the aim to position it as one of manufacturing “world’s factory” in particular. the world’s top four bay areas comparable to Greater New York, San Francisco Bay Area and Greater Tokyo Shenzhen is now a leading global technology and Area. internet industry, while Hong Kong and Macao earned their fame respectively as a world-renowned financial With a total area of ​​56,000 km2, GBA is home to a centre and the “Las Vegas of the East”. With Hong population of over 70 million from nine municipalities Kong and Macao located at the forefront and governed and two Special Administrative Regions. In 2018, the under the “One Country, Two Systems” principle, 9+2 region’s GDP exceeded RMB 10 trillion, making it the city cluster of Greater Bay Area will enjoy huge potential largest and most dynamic economic region in China in fostering its developments. and the world. We believe that high mobility of the population and free flow of capital and goods are essential to the development of an economy. Hence, an efficient transportation system is crucial in facilitating economic growth. And in the modern era, aviation is an integral part of a leading-edge transportation systems. GDP of the Greater Bay Area in 2018 (100 million yuan) Zhaoqing Guangzhou 2,202 22,859 Foshan Dongguan 9,936 8,279 Jiangmen Huizhou 2,900 4,103 Zhongshan Shenzhen 3,633 24,222 Zhuhai Hong Kong 2,915 24,006 Macau 3,607 Source：CEIC、National Bureau of Statistics，PwC Soaring to new heights in the Greater Bay Area: Opportunities and market potentials for the aviation industry 4 2. Optimise airport infrastructures to scale the development of the industry Soaring to new heights in the Greater Bay Area: Opportunities and market potentials for the aviation industry 5 2. Optimise airport infrastructures to scale the development of the industry Currently, there are ten civil airports in operation in the Airports in Zhanjiang, Foshan, Huizhou, Jieyang, and GBA. Of those, Hong Kong International Airport, Meizhou are also in the midst of rapid development. Guangzhou Baiyun International Airport and Shenzhen There are numerous projects in the pipeline such as the Bao’an International Airport together form an Third Runway Passenger Building of the Hong Kong international aviation hubs boasting a combined International Airport, the opening of T2 at Guangzhou passenger traffic of nearly 200 million and cargo of over Baiyun International Airport and T3 expansion plan, 8 million tonnes in 2018. Hong Kong International commissioning of T2 at Baiyun Airport and the planning Airport is particularly outstanding, with air traffic of 70 of T3, as well as the construction of Yuexi International million passengers (ranked eighth) and 5.12 million Airport. The developments of the civil aviation tonnes of cargos ranked first in the world. Driven by a infrastructures are moving at speed and reaching new strong demand, there is a huge potential for the heights. development of the aviation industry in the GBA. Air Meanwhile, with the support of government traffic passengers and freight demands in the GBA are departments in fostering logistics, ports, business estimated to reach 233 million passengers and 10 services, manufacturing, and other relevant industries million tonnes, respectively, by 2020. and functions, the GBA has seen an effective boost in The three major international airport hubs serve as its economic development and further acceleration in global gateways, playing a leading role in the overall the connectivity and mobility of its population, capital development of airport infrastructure in the GBA. Macao and goods. The GBA is expected to become China’s International Airport and Zhuhai Jinwan Airport have largest cluster of air transport and aviation industry in reached the level of “ten-millions transportation”. the near future. Top 10 airports by number of passengers Number of passengers 2018 120,000,000 Number of passengers 2017 9.0 Number of passengers year-on-year growth 8.0 100,000,000 7.0 80,000,000 6.0 5.0 60,000,000 4.0 40,000,000 3.0 2.0 20,000,000 1.0 0 0.0 Source：2018 Statistical Bulletin of Civil Aviation Industry Development, CEIC Soaring to new heights in the Greater Bay Area: Opportunities and market potentials for the aviation industry 6 2018 Top 10 airports by air traffic movements 700,000 5.0 600,000 4.5 4.0 500,000 3.5 400,000 3.0 2.5 300,000 2.0 200,000 1.5 1.0 100,000 0.5 0 0.0 Air traffic movements 2018 Air traffic movements 2017 起降架次Air trafficyear movements-on-year growth year-on-year growth Source: 2018 Statistical Bulletin of Civil Aviation Industry Development, CEIC 2018 Top 10 airports by cargoes and airmails throughput（Tonnes） 6,000,000 Cargoes and airmails throughput (Tonnes) 2018 10.0 Cargoes and airmails throughput (Tonnes) 2017 8.0 5,000,000 Cargoes and airmails throughput (Tonnes) year-on-year growth 6.0 4,000,000 4.0 3,000,000 2.0 2,000,000 0.0 1,000,000 -2.0 0 -4.0 Source: 2018 Statistical Bulletin of Civil Aviation Industry Development Soaring to new heights in the Greater Bay Area: Opportunities and market potentials for the aviation industry 7 Guangdong province spans over 800 km from east to west, with Guangzhou-Shenzhen-Hong Kong located at its centre measuring a distance of about 400km to the east, west and north border of the province. The decentralised locations of small and medium-sized airports alleviate to some degree the pressure of domestic flights on the three international airport hubs. It also creates a conducive atmosphere for the growth of regional airlines. Currently, the small and medium-sized airports in the GBA have a relatively lower usage rate and lack the presence of domestic flag carriers. With the government’s tremendous support in employing ARJ21 regional carriers, the GBA is well- poised to nurture the growth of the regional aviation market. Absolute GDP per capita (Yuan) 2018 2017 2016 2015 2014 2013 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 PwC’s point of view Local governments and regulatory authorities must join hands to optimise the policy environment continuously The aviation development in the GBA requires local policy support and effective regulation that are specific to local needs. Local governments at all levels, industrial and commercial management authorities, financial and taxation departments, and civil aviation authorities all contribute a direct impact on the industry. A strong regulatory system is critical to the development of civil aviation services, which underpin public safety and national security. As one of the driving forces for the local economic growth, the fiscal and commercial policies should be directed to promote a high degree of economic vibrancy for the industry. The policy environment should continue to evolve and mature through exploration and experimenting in tandem with the overall economic development. 来源：2018年民航机场生产统计公报 Soaring to new heights in the Greater Bay Area: Opportunities and market potentials for the aviation industry 8 3. Cultivate growth of related industries through marketisation of airlines Soaring to new heights in the Greater Bay Area: Opportunities and market potentials for the aviation industry 9 3. Cultivate growth of related industries through marketisation of airlines In line with the positioning and functions of the airport In order to supplement the large-scale public air hubs, the three leading airports in the Greater Bay Area transportation, the operational volume of business jets are home to some internationally renowned flag and helicopters is considerable in the GBA. Well-known carriers, including Cathay Pacific, China Southern general aviation companies such as BAA Jet Airlines and Shenzhen Airlines with an extensive Management and CITIC Offshore Helicopter are both network of worldwide routes. based in Shenzhen. The robust economic foundation of the region has brought concrete demand for, it is In response to a diversified customer base and market predicted that business private flights. As such, Hong segmentation, air transport services in the GBA are Kong, Macao and Shenzhen are key aviation nodes for becoming more market-oriented.
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