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China approves USD19bn aircraft agreement with Boeing

20-Jan-2011 9:27 AM

Boeing received (19-Jan-2011) final approval from the Chinese Government confirming a USD19 billion aircraft agreement. China's approval of airline contracts cover 200 orders for B737 and B777 aircraft, to be delivered over three years between 2011 and 2013. The approval helps Boeing maintain and expand its market share in the world's fastest-growing commercial aircraft market. Over the next 20 years, Boeing projects that China will need 4330 new aircraft worth more than USD480 billion, with China expected to be Boeing's largest commercial customer. The order is part of USD45 billion worth of deals signed between China and the US (MarketWatch/Bloomberg/Reuters, 19-Jan-2011). Other deals included a variety of General Electric contracts, a USD7.5 billion Alcoa investment agreement and a USD1.4 billion Caterpillar agreement to ship equipment and engines to China. The White House stated the exports will support 235,000 US jobs. The agreements were announced in conjunction with Chinese President Hu Jintao’s state visit to the US. [more - Boeing]