China's Finance Ministry said on Thursday that it would offer subsidies to Chinese airlines from May 21 to July 20 to help carriers weather the coronavirus-induced downturn and higher oil prices.

Cash support will be provided only when average daily numbers of domestic flights per week are lower or equal to 4,500 flights and average load factors are lower than 75 percent, the ministry said in a notice.

It said the maximum grant would be 24,000 yuan ($3,574) per hour for loss-making flights.

China announced the issue of 200 billion yuan in bonds this week to support the aviation industry, having previously decided to suspend the prepayment of value-added tax on air transport firms throughout 2022.

Read more: Airlines in Shanghai resume domestic flights as virus situation eases

(With input from agencies)