Boeing's $37bn China deal for 300 planes takes off

Chinese President Xi Jinping and US President Donald Trump

Chinese President Xi Jinping and US President Donald Trump

As part of the USA trade mission to China on the occasion of President Donald Trump's state visit to the country, Boeing and China Aviation Suppliers Holding Company (CASC) have signed an agreement for 300 aircraft with a theoretical list-price value of $37bn.

Boeing will sell 300 planes worth $37 billion (£28.2 billion) at list prices to state-run China Aviation Supplies Holding Company, under a deal signed today - just one of several agreements announced during U.S. President Donald Trump's state visit to Beijing.

But Boeing didn't say how numerous 260 single-aisle and 40 twin-aisle airplanes were the subject of previous agreements, repackaged for public consumption.

Analysts said that part of the order might be amongst the more than 300 planes from buyers who were undisclosed that were posted during the year and that it was not yet known how much of the deal in China was new business.

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Boeing has secured a $37bn (£28bn) deal for China to buy 300 of its aircraft as the country looks to cater for rising demand by picking up new planes.

The CASC in a statement said that it has undertaken bulk purchases of Boeing aircraft to allow aviation transport companies to continuously expand their capacity and fleet structure.

"China is a valued customer and key partner, and we're proud that Boeing airplanes will be a part of its fleet growth for years to come", said McAllister.

Boeing and European rival Airbus have been jostling for market share in China, the world's fastest growing aviation market, with both opening assembly plants in the country.

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According to Boeing's latest market outlook, China is expected to need 7,240 new aircraft over the next 20 years, valued at almost United States dollars 1.1 trillion.

The C919 is due to make its first long-distance test flight this Friday, according to Commercial Aircraft Corporation of China (COMAC), the Shanghai-based manufacturer of the jet. The majority of these airplanes are expected to be single aisle.

These efforts include industrial cooperation, the development of technologies to reduce the environmental impact and enhance sustainability of the aviation industry.

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