I'd imagine for any Chinese carriers, who has stakes in the company has no real decision making power.
Perhaps not any real decision making power but seems enough to sway some partnership discussions.Iirc previously CZ and QF did have codeshare agreements. I wonder what has changed for CZ to make the switch
AA pirchased 2.6% of of CZ back in the days (have since been diluted I think) and that was enough to fuel CZ to depart from SkyTeam after a decade of membership. Circumstances are not too different to this when DL/AF/KL preferred a more extensive partnership and shareholding with MU. In this case the CZ-DL partnership came years before the MU-DL partnership, just like CZ-QF and MU-QF.
Likewise CZ had codeshare agreements with EK, but have since switched to partner with QR after it acquired stakes in CZ.
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