China's spectacular manufacturing growth has left air freight carriers scrambling to develop their activities in the country. But it could be a case of too much, too soon.

Two years ago, flying goods from Nanjing or Shanghai to Europe cost up to $4 a kilogramme; today it the price is about $2.50. "Very few carriers are still making money here,'' says Xu Yong, vice-president of Nanjing airport.