This document discusses the state of the global airline industry. It notes that passenger and air freight volumes have nearly returned to pre-crisis levels as markets recover. However, airlines remain financially fragile. Some regions are profitable again while others are not. Fuel prices continue to rise, posing a challenge. The growth of the Chinese aviation industry is highlighted, but there remains significant potential for further growth in air travel demand in China. Areas of cooperation between IATA and China are also summarized.