China is expected to require nearly 2,400 new airplanes worth 197 billion US dollars over the next 20 years, said Boeing Commercial Airplanes Thursday.
From 2003 to 2022, the traffic flows of air travel in China will grow at a 7.1 percent annual rate, compared to the world average of 5.1 percent, said Randy Baseler, vice president of Marketing, Boeing Commercial Airplanes.
Baseler said with the growth of the China market as the engine of Asia-Pacific's air travel development, China will account for 38 percent of the total Asia-Pacific new airplane delivery requirements over the next 20 years.
China's airlines will add 1,960 new airplanes to serve domestic markets, including Hong Kong and Macao. Nearly 440 new airplanes will be added by China's airlines to provide international service, said Baseler.
He said China's growth will help define the market for new products and new technologies, including Boeing's development of the 7E7 "Dreamliner," an airplane design now taking shape.
According to Boeing, the design of the 7E7 family of airplanes has been refined over the past three months and two prime family members have emerged. The production of the 7E7 will begin in 2005 and the 7E7 will go into service in 2008.