BEIJING — China is set to provide fiscal subsidies for domestic airlines hit hard by COVID-19 resurgences and oil price hikes, an official circular said on May 26.

From May 21 to July 20, the subsidies will be issued on the condition that the daily number of domestic passenger flights averages no more than 4,500 per week, according to the circular released by the Ministry of Finance and the Civil Aviation Administration of China.

The subsidies are aimed at offsetting the losses of domestic airlines, with a cap of 24,000 yuan (about $3,595) per hour, it said.

China is speeding up the implementation of a large-scale policy package, which is expected to bring the country's economy back on track amid downward pressure and tackle difficulties encountered by market entities.

The country will implement 33 measures in six fields, mainly fiscal and related measures, to stabilize economic performance, according to a recent State Council executive meeting.