Chinese airlines will spend more than $1 trillion U.S. on new aircraft over the next two decades as they seek to meet booming demand for air travel, according to a new forecast by Boeing.
The massive spending spree will pay for more than 6,000 aircraft, and turn China into what Boeing describes as "the first trillion-dollar aviation market."
Boeing predicts that three-quarters of the new deliveries will be single-aisle aircraft that carry between 90 and 230 passengers, catering to both business and holiday travelers.
Boeing has played a major role in developing China's aviation industry and infrastructure, and the Chicago-based company estimates that it pumps roughly $1 billion U.S. a year into the country's economy though joint ventures and purchases from suppliers.
In 2015, Boeing estimated that Chinese airlines would spend $950 billion U.S. over 20 years.
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