FEDEX FORMS JOINT VENTURE IN CHINA

   Federal Express, the primary subsidiary of FDX Corp., has formed a joint venture in China with Da Tien W. Air Services Corp., a government-owned freight forwarder based in Tianjin.
   Through the Beijing-based joint venture, called Federal Express-DTW Co., FedEx will able to sell and bill customers directly in the world’s most populous nation.
   The new arrangement should help FedEx move through a recent period of partnership upheaval in China. FedEx was left scrambling to pull together a network of regional agents after an agreement with Chinese powerhouse EAS International fell apart last year.
   A FedEx official said the company plans to open new branches with Da Tien in Shanghai, Guangzhou and Shenzhen by 2001, and in 100 more cities by 2005.
   FedEx recently expanded its flights to Beijing, Shanghai and Shenzhen
under a liberalized aviation agreement signed by the U.S. and China in
April.