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Summary in Chinese. / Thesis (M.B.A.)--Chinese University of Hong Kong. / Bibliography: leaves 123-124.

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Through a comparative study of the aviation policies in the principal countries of North America (the United States) and Europe (Germany), this thesis will examine China's aviation policy and its situation in the trend toward liberalization, placing special emphasis on bilateral agreements. / This thesis will describe the historic evolution of the economic regulation in civil air transport that laid the foundation for bilateral air transport service agreements and the Open Skies regime. Moreover, the development of bilateral air services agreements, from the Bermuda Agreements to the U.S.'s "Open Skies" Policy, is addressed. Then, a study of the ICAO actions toward liberalization is undertaken. / An analysis from the deregulation, privatization in the American and E.U.'s aviation market to the reform in the Chinese civil aviation is conducted. Under the impact of the global liberalization trend, the Chinese aviation industry is creating a "deepen, widen" reform. Specifically, China Southern's imminent entrance into SkyTeam will significantly push the Chinese aviation policy toward liberalization. A detailed comparative study of bilateral air transport agreements between China, the United States, and Germany will show the recent progress of the Chinese aviation policy. / Finally, an argument for the separation of air cargo from air passengers in the liberalization process, especially for China's negotiation of bilateral agreements, is presented.

The thesis in the first part examines the notion of risk and describes the process of risk management with emphasis on the identification of emerging threats to civil aviation and on the adoption of new risk handling techniques. / In the second part, the role of law into the airlines' management regime is examined especially in the light of two prima facie conflicting trends: liberalization of market access and increased State involvement in war risk, safety and security issues. Furthermore, the contractual and tortious/delictual exposures of airlines are being scrutinized and the ways to handle them are being analyzed. / The main objectives are (i) to demonstrate that risk management is not restricted to insurance, but involves a number of techniques and procedures that have the potential not only to minimize risk but also to turn risk into opportunity and value and (ii) to identify the role of law as a management tool in the oncoming liberalized aviation environment.