Boeing Inks Deal for 300 Planes with China Aviation Suppliers
- by Emilio Sims
- in Money
- — Nov 12, 2017
Earlier Thursday, General Electric a maker of aircraft engines said it signed new deals in China that were worth more than $3.5 billion, including one with ICBC Leasing, which is the leasing arm of Industrial and Commercial Bank a state operated bank and Juneyao Airlines.
The partnerships were signed in the presence of Trump and Chinese President Xi Jinping, as well as U.S. Commerce Secretary Wilbur Ross and Chinese Vice Premier Wang Yang, GE said in a statement.
The new order is for 40 Boeing 777s and 787s, and 260 737s.
"Boeing and China have a strong history of working together based on great mutual respect, and these orders build on that foundation", he said.
Chinese airlines are looking to increase capacity after projections have the country to soon overtake the USA as the world's largest aviation market by passenger numbers.
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.
It is not the first time this year the Chinese company is buying foreign passenger jets.
China Aviation Supplies played prominent roles in deals that were announced during the exchanges of previous governments.
Boeing's latest signing in China follows an order for 39 wide-body jets from Singapore Airlines last month.
Boeing and China will continue to work on mutually beneficial ways to grow and support the aviation market, according to Boeing. Of these, 5,420 would be single-aisle aircraft. Back then, Chinese aviation industry expert Gu Bin was quoted as saying that the aircraft would "rip a hole" in the market dominance of Airbus and Boeing. China is the second largest market for aircrafts in the world, and now that market will mostly be controlled by Boeing.
Content published by Professional Engineering does not necessarily represent the views of the Institution of Mechanical Engineers.
