BEIJING, March 2 -- China Eastern Airlines, a major Chinese airliner, has signed an agreement with global aircraft maker Airbus for the purchase of 70 Airbus A320NEO planes for 6.37 billion U.S. dollars.

The planes will be delivered starting from 2018 till 2020. The airliner will pay in installments, according to a company statement released Saturday by the Shanghai Stock Exchange.

The company said that it will finance the deal through income from business operations, bank loans, and other financing tools. It said the purchase will not have a major impact on liquidity and its business operations.

It said that the new planes aim to cater to the rising demand for medium and short-distance trips.