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<Research>Fitch: CN-JP Flight Reductions Pose Limited Sector-wide Risks
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Curtailments on China-Japan routes arising from heightened bilateral tensions and travel advisories are not expected to materially delay the Chinese aviation sector's recovery in the medium term, Fitch Ratings said.

The impact is concentrated on specific routes, with limited sector-wide consequences given the Chinese aviation sector's contained exposure to Japan and the ongoing diversification of international traffic.

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The operational effects are most evident on leisure-heavy routes between two cities, particularly at secondary gateways with less diversified demand, Fitch added.

Airlines have reduced frequencies and have switched to smaller aircraft, while refunds and re-bookings have increased, and load factors have softened on targeted corridors.

Flights to Japan fell to roughly 82% of 2019 levels in November 2025, underscoring the route-specific nature of the setback. Japan typically makes up 10-15% of Chinese international capacity, limiting the drag on system-wide throughput and airport productivity.

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