The National Development and Reform Commission (NDRC), China's top economic planner, over the last weekend approved Air China Limited and China Southern Airlines Co's application to buy airplanes on international commercial loans, the Beijing Times reported Monday.

According to the NDRC's statement, Air China was approved to borrow $1.96 billion for purchasing 28 airplanes. It also gave a green light to China Southern to borrow $954 million for buying 14 craft.

The Air Transport Association predicted the aviation industry would continue to worsen in 2012. The gloomy market is considered by industry insiders as a good time to purchase airplanes.

It takes three to five years from placing an order to delivering the airplanes, so it is uncertain if the market will be out of the downturn by then, the report said.