China to need over 5,000 new airplanes by 2031: Boeing

Boeing, China's leading provider of passenger airplanes, on Wednesday forecast that China will need 5,260 new commercial airplanes by 2031.

These airplanes will cost China a total of 670 billion U.S. dollars over the next 20 years, Randy Tinseth, vice president of marketing for Boeing Commercial Airplanes, said Wednesday.

Driven by market demand, airline companies in China are expected to expand international business at an average annual rate of 8.9 percent in the coming 20 years, said Tinseth.

Over 75 percent of the 5,260 airplanes needed would be used to meet increased market demand, not serving as replacements for old planes, he said.

Tinseth expects China to be the second-largest market for new commercial airplanes, adding that strong, sustained economic growth, growing trade activity and increasing personal wealth are some of the driving forces behind the trend.

Over the next 20 years, the world will need 34,000 new commercial airplanes at a value expected to total 4.5 trillion U.S. dollars, he said.

Boeing jets are currently the mainstay of China's air travel and cargo system. More than half of all commercial jetliners operating in China are Boeing airplanes.

China set up the Commercial Aircraft Corporation of China in 2008 in order to develop domestically-produced commercial aircraft.