Qingdao Airlines flew 548 flights with 104,000 passengers in August, at a.load factor of 91 percent. [Ptoto/qdcaijing.com]

The Export-Import Bank of China (EIBC) will provide $128 million in financing to Qingdao Airlines for purchase of three Airbus A320s in 2016, according to a recent financing agreement, the Qingdao Daily reported.

Qingdao Airlines flew 548 flights with 104,000 passengers in August, at a.load factor of 91 percent.

It has turned losses into gains for the second consecutive month.

Now, Qingdao Airlines has opened fifteen routes from Qingdao to Beijing, Chengdu, Harbin, Hailar, Changsha, Nanjing, Yinchuan, Guiyang, Nanning, Xi’an, Lanzhou, Dunhuang, Urumqi, Quanzhou and Kunming, with six Airbus A320s.

Its network covers Northeast China, Northwest China and South China, including the Southwest.

It's anticipated to have 102 planes by the end of 2025 and to develop into a leading airline.

Qingdao Airlines commenced operations on April 26, 2014, and initially was owned by the Nanshan Group (55 percent), the Qingdao Transport Development Group (QTDG) (25 percent) and Shandong Airlines (20 percent).

It will be transformed into a fully private business from a mixed ownership enterprise to prepare for going public in 2020, as planned.

EIBC, established in 1994, is subordinated to the State Council.

It is one of three institutional banks in China chartered to implement state policies in industry, foreign trade, diplomacy and the economy, and to provide policy financial support for promotion of the export of Chinese products and services.