BEIJING, China - Boeing's representatives, that were part of the U.S. mission to China have signed a deal with the China Aviation Suppliers Holding Company.
The deal, signed in Beijing in the presence of President Donald Trump and Chinese President Xi Jinping is worth $37 billion and involves the sale of 300 aircraft.
Boeing Co. announced the deal with the China Aviation Suppliers Holding Company on Thursday.
The company said that orders and commitments for single-aisle and twin-aisle aircraft are valued at $37 billion at list price.
The majority of these airplanes are expected to be single aisle.
Over the next 20 years, China is expected to require 7,240 aircraft and the total value of the new airplanes is estimated to be over $1.1 trillion.
Kevin McAllister, Boeing Commercial Airplanes president and CEO, said in the statement, “China is a valued customer and key partner, and we're proud that Boeing airplanes will be a part of its fleet growth for years to come. Boeing and China have a strong history of working together based on great mutual respect, and these orders build on that foundation.”
The company also said it would work with China to reduce the environmental impact of aviation and make the Chinese air transport system more efficient.
According to reports, the purchase will include 260 Boeing 737 narrow-body airplanes and 40 Boeing 787 and Boeing 777 wide-body aircraft.
Flight Fleets Analyzer said that Boeing has received 1,074 passenger aircraft orders from unannounced commercial customers, a majority of which are likely Chinese airlines.
Reports have noted that China has now become the biggest commercial customer for the aviation company.
Further, records show that one of every four airplanes is being sold to Chinese customers.
One in every three of the company’s most demanded passenger plane, Boeing 737s, is being sold to Chinese customers.
Earlier this year, during President Jinping’s visit to Berlin, Dutch aviation company Airbus SE said it had won a $22 billion order to supply 140 planes to China for 20 wide-body Airbus A350s and 100 narrow-body Airbus A320 aircraft.
In September 2015, Boeing signed a $38 billion deal with Chinese carriers to sell 190 single-aisle Boeing 737 airplanes and 50 wide-body jetliners.