As the primary mode of long distance transport between nations, international air transport plays an essential role in the development and prosperity of the global economy. While other services sectors have benefited immensely from the multilateral trading system, the air transport services have long been dominated by restrictive bilateral arrangements since the Chicago Conference of 1944. Following the successful deregulation of its domestic air transport regimes, the United States initiated an Open Skies campaign toward international air services liberalization in 1990s. The conclusion of the U.S.- EU Open Skies Agreement in April 2007 represents a landmark in the liberalization of international air services. This historic deal not only heralded a new era in transatlantic aviation, but also strengthened the path-dependence of air transport services liberalization. As a major economic power and potential aviation power, China would benefit immensely from the liberalization of air services. However, base on actual conditions, a controllable and phased-in approach toward liberalization is a more rational choice for China at present.