China Aviation Supplies Holding Company (CAS) and leading European aircraft manufacturer Airbus signed an agreement on March 25 on the procurement of 300 airplanes, including 290 A320 Family aircraft and 10 A350XWB Family aircraft, thepaper.cn reported on March 26.

The contract was signed in Paris, France, and was worth $35 billion, according to CAS.

Chinese President Xi Jinping, who was in Paris on a state visit, jointly witnessed the signing of the agreement with French President Emmanuel Macron.

Jia Baojun, Chairman of CAS, and Guillaume Faury, President of Airbus Commercial Aircraft and future CEO of Airbus, signed the agreement on behalf of the two sides.

“We are honored to support the growth of China’s civil aviation with our leading aircraft families. Our expanding footprint in China demonstrates our lasting confidence in the Chinese market and our long-term commitment to China and our partners,” said Faury.

In the next 20 years, it's expected that China will require around 7,400 new passenger planes and cargo aircraft, accounting for 19 percent of the world’s total demand for new planes, according to the latest Global Market Forecast released by Airbus.