Air China has been busy recently, working to expand its services while at the same time strengthening its bond with Cathay Pacific Airways. Air China's cargo division has started operation as a joint-venture cargo carrier with Cathay Pacific Airways. Cathay Pacific holds 25 percent of the shares and a 24 percent economic interest in the cargo business. Three Cathay Pacific executives and four executives from Air China make up the board of directors. According to a press release issued by Air China, the combined carriers will soon opeate a fleet of 12 Boeing 747-400 freighters.
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