BOEING SAYS CHINA TO BUY $1 TRILLION WORTH OF PLANES

That’s 6,810 planes over the next 20 years, according to Boeing.
Chinese airlines are likely to purchase 6,810 planes worth $1.025 trillion in the next 20 years as they expand fleets to cater to robust growth in domestic and overseas tourism,Boeing BA -0.85% forecast on Tuesday.

The latest estimate of 6,810 planes is 7.6% higher than the 6,330 aircraft predicted last year.

“The continuing expansion of China’s middle class, coupled with new visa policies and a wide range of widebody airplanes… gives us every reason to expect a very bright future for China’s long-haul market,” Randy Tinseth, Boeing Commercial Airplanes’ vice president of marketing, said in a statement.

He also said that he expects passenger traffic to grow 6.4% in China annually over the next 20 years.

Boeing has stayed bullish on China even as other U.S. companies have expressed concern over the country’s slower economic growth. A senior Boeing executive said in August that the plane maker was not seeing any softness in demand in China.

Fortune