CNAC orders 300 Boeing aircraft worth US$37 billion

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Earlier on Thursday, aircraft engine marker General Electric said it had signed deals worth $3.5 billion in China, including an agreement with Juneyao Airlines Co Ltd and ICBC Leasing, the leasing arm of state bank Industrial and Commercial Bank of China Ltd.

China Aviation Supplies, a state run service that leases aircrafts to most airlines in China and works alongside other companies to finalize any deal made by China on aviation machinery, have recently confirmed that the order that Boeing has won will consist of 40 B777s and B787s, along with 260 B737s.

Boeing Commercial Airplanes president and CEO Kevin McAllister described China as "a valued customer and a key partner".

Analysts said, however, that some of the orders may be among the more than 300 from undisclosed buyers posted this year and that it was not yet understood how much of the China deal would be entirely new business.

Boeing received 334 orders that were from unidentified clients as of October 24, with 290 of them for the 737 line of narrow body aircraft.

Boeing says one out of every four jetliners now rolling off its assembly lines is being delivered to Chinese customers, suggesting Chinese demand is strong, despite vagueness about how many actual Chinese orders it has won.

According to Boeing's latest market outlook, China is expected to need 7,240 new aircraft over the next 20 years, valued at almost 1.1 trillion US dollars. Currently, China's aircraft fleets from all its airline companies are split between Boeing and Airbus jets.

On Wednesday, Boeing Co. confirmed that they've won the Chinese deal according to which they will be selling three hundred planes to China, worth nearly $37 billion.

China Aviation Supplies played prominent roles in deals that were announced during the exchanges of previous governments. In 2015, it was one of the three Chinese companies that agreed to buy 300 planes from Boeing when President Xi was in the United States.

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