Airplane market rapidly expands in China

Chinese carriers will need 8,090 new airplanes in the next 20 years worth nearly $1.3 trillion, to meet rapidly growing airplane passenger traffic in the country, which is expected to grow by 6 percent annually, US aircraft manufacturer Boeing Co said in Beijing on Tuesday.

In the next two decades, China, Boeing's largest market, will need 5,960 new single-aisle airplanes, representing 74 percent of total new deliveries. Demand for wide-body airplanes is 1,780, which will triple the country's current fleet size. In addition, China will need a significant number of regional aircraft and cargo aircraft.

"China is one of the world's most dynamic and fastest growing markets," said Randy Tinseth, vice president of Commercial Marketing at Boeing.

"An expanding middle class, significant investment in infrastructure, and advanced technologies will continue to drive tremendous demand for air travel," he said.

Meanwhile, Tinseth said the globally-grounded troubled B737 MAX aircraft is expected to receive approval to resume flying by the US Federal Aviation Administration (FAA) in the early fourth quarter, and the final decision will depend on the authority. Regulators of each country will make their own decisions on when to resume the plane's commercial services.