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Boeing, China Announce Airplane Sales During Presidential Trade Mission

12 November 2017, 01:51 | Austin Hogan

President Xi Jinping speaks at the U.S.-China Business Exchange in Beijing

President Xi Jinping speaks at the U.S.-China Business Exchange in Beijing

The China Aviation Supplies Group Corporation (CNAC) has signed a bulk purchase agreement with Boeing for 300 Boeing aircraft, Caixin reported, citing an official announcement.

The agreement was part of the USA trade mission to China, according to Boeing. China Aviation Suppliers Holding Co (CASC) had agreed to buy the single-aisle and twin-aisle aircraft which was a part of the $250 billion deal. The full breakdown of the order and the non-binding commitments was not made available.

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.

A spokesman for the planemaker declined to comment on what proportion of the China deals were new or existing orders. Boeing typically lets plane buyers determine what details to reveal about orders.

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Aircraft orders contain list prices however buyers are usually given discounts that end up significantly lowering the prices.

China has a component role on every Boeing commercial aircraft model - the 737, 747, 767, 777 and the 787 - and over 9,000 Boeing aircraft fly worldwide with China-built parts and assemblies. The order was worth $7.4 billion at list prices.

Boeing and China will continue to work on mutually beneficial ways to grow and support the aviation market, according to Boeing. China is the second largest market for aircrafts in the world, and now that market will mostly be controlled by Boeing. Currently, China's aircraft fleets from all its airline companies are split between Boeing and Airbus jets.

Earlier on Thursday, General Electric said it had signed deals worth $3.5 billion in China. This was one of several deals that were announced during a state visit by U.S. President Donald Trump to Beijing. In 2015, it was one of the three Chinese companies that agreed to buy 300 planes from Boeing when President Xi was in the United States. It valued that deal at $1 billion.



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