General Electric signs $3.5 bln deals in China

12 November, 2017, 04:00 | Author: Terri Saunders
  • President Xi Jinping speaks at the U.S.-China Business Exchange in Beijing

According to Boeing's latest market outlook, China is expected to need 7,240 new aircraft over the next 20 years, valued at almost 1.1 trillion USA dollars. This order that Boeing has won contains narrow body aircrafts, as well as wide body aircrafts.

Boeing Co. announced Thursday it had signed a deal with the China Aviation Suppliers Holding Company to cell 300 airplanes.

Earlier on Thursday, aircraft engine marker General Electric said it had signed deals worth $3.5 billion in China, including an agreement with Juneyao Airlines Co Ltd and ICBC Leasing, the leasing arm of state bank Industrial and Commercial Bank of China Ltd.

For Chinese deals, Boeing, an U.S. based aerospace company has had to compete with their immediate rivals, Airbus, the European giants.

In July of this year, during the visit of President Xi Jinping to Germany, Air China also signed an agreement with Airbus to acquire 140 Airbus aircraft worth US$22.8 billion.

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Therefore, the actual transaction price of this order will likely be much lower than the US$37 billion, the report said.

Chinese airlines are looking to increase capacity after projections have the country to soon overtake the United States as the world's largest aviation market by passenger numbers. "Boeing and China have a strong history of working together based on great mutual respect, and these orders build on that foundation".

Both Boeing and European rival Airbus has been battling for large market shares in China, the world's largest aviation market. Records show that Boeing has in fact sold 155 aircrafts to China last year, and this year already a quarter of their jet planes have been sold to Chinese customers.

The International Air Transport Association (IATA) recently revised its 20-year air passenger forecast upward, while indicating that China will overtake the U.S. around 2022, several years faster than had been previously predicted.

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