HONG KONG -- China's big three state-owned airlines were not spared when the coronavirus pandemic devastated the global travel industry. Together they racked up 2020 net losses totaling about $5.7 billion, even after an early recovery in domestic traffic.
But robust cargo shipments eased the financial pain. Global trade got a boost from increased demand for goods ordered by consumers buying from home, as lockdowns and restrictions to stop the spread of COVID-19 came into force worldwide.
