Chinese carriers earned a collective net profit of CNY26 billion ($4.12 billion) in 2011, down 26% from CNY35.1 billion for 2010 due to a slowing of domestic demand. This however is not the full picture as passenger numbers were up. Cargo volume was down about 2% to 5.52m tones. It is therefore reasonable to assume that costs have risen and passenger demand has not kept pace with capacity increases, even though Chinese airlines have reduced aircraft deliveries by 60 in 2011 and have worked to cut capacity. We do know that passenger and cargo traffic grew faster in economically underdeveloped

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