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CHICAGO (AP) — Boeing Co. said Wednesday that it expects that Chinese airlines will need 5,260 new commercial jets worth $670 billion over the next 20 years.
Boeing said three-quarters of those new planes will be for growth rather than replacing old planes.
Boeing isn't predicting that it will sell all of those planes. It will face its usual competition from Airbus. And China's own COMAC plans a new plane that will compete with some of the smaller jets made by both companies. More than 300 of the new COMAC planes have been ordered, mainly by Chinese airlines.
Boeing's projection on Wednesday was a more detailed version of its earlier forecast that the Asia Pacific market will need 12,030 planes over the next 20 years. Boeing projected a need for 34,000 planes worldwide during that time, including passenger jets and freighters.
On Tuesday Airbus released its own 20-year projection for 28,200 commercial planes with more than 100 seats, and freighters. The Airbus estimate included 9,620 in the Asia-Pacific region.
Boeing shares rose 86 cents to $71.73 in midday trading.