In the process of global economic integration, the importance of the international air cargo industry has become increasingly prominent. Government subsidies, as a powerful means of policy regulation, can not only help the international air cargo industry to achieve efficient development, but also have an important significance in promoting regional economic growth. This paper focuses on the development of the international air cargo industry, and based on the game model of the four players in the air cargo market under the government’s selective subsidy strategy, it is pointed out that the government’s selective subsidy strategy can promote the development of the air cargo industry in the leading regions, but it cannot promote the development of the air cargo industry in the non-leading regions. On this basis, the scale of enterprise subsidy funds for the development of Nanjing’s international air transport cargo routes is measured using a break-even perspective, and suggestions are made from the perspective of constructing a large market pattern for the development of the international air cargo industry.