Of the lessons learned from the shocks that have jolted the airline industry over the past few years, perhaps the most valuable is the resilience of air cargo. Despite SARS, terrorism and avian flu, Asian airlines have managed to derive ever-increasing revenue--in one case, up to 48% of the total--from freight. In fact, freight is now recognized as a form of insulation from the fickle whims of passenger traffic. And China, the world's fastest-growing market with 9.5% annual GDP growth and ...

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