CHINESE AVIATION ANALYSTS USED to warn that China's air transport industry could not fly on the single engine of Air China. For example, the industry enjoyed a significant financial turnaround in 2006 with a collective net profit of CNY2.38 billion ($311 million) compared with a CNY1.35 billion loss in 2005. But that reversal, as outlined in CAAC's annual report, largely was owing to Air China's success, as the Beijing-based carrier earned CNY3.19 billion. The good news is that China's crop ...

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