FedEx Takes on UPS With Long-Range China Jets - Bloomberg FedEx Corp. handles China deliveries with a local partner bought for $400 million and uses long-range freighters to fly to the U.S. nonstop. United Parcel Service Inc. seeks to build its own network and operates bigger jets. They’re chasing the same goal: taking advantage of Chinese regulators’ moves to welcome more foreign companies into a market for express shipments that may be valued at $7.5 billion. The prize for FedEx, operator of the largest cargo airline, and UPS, No. 1 in package deliveries, is wider access to the world’s fastest-growing major economy. China’s 9.6 percent annual expansion in gross domestic product is more than three times the pace in the U.S.