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2nd LD Writethru: China signs deal to buy 300 Boeing aircraft

Xinhua, September 23, 2015 Adjust font size:

A group of Chinese companies signed here Tuesday a deal with U.S. plane maker Boeing to buy 300 Boeing aircraft.

The deal, signed by China Aviation Supplies Holding Company, ICBC Financial Leasing Co., Ltd., and China Development Bank Leasing with Boeing, was reached during Chinese President Xi Jinping's first state visit to the United States which was kicked off on Tuesday morning.

Meanwhile, Commercial Aircraft Corporation of China Ltd. also signed a cooperative document with Boeing to build a 737 aircraft completion center in China.

Earlier media reports, citing Boeing sources, said this will be the company's first non-U.S. airliner plant, tasked with the completion and handover of single-aisle 737 jets to customers.

Chinese sources told Xinhua that the project, in the form of a mutually-funded joint venture, signifies that China-U.S. cooperation in aviation has reached a higher level.

It will also upgrade relevant Chinese enterprises as Boeing's tier-one suppliers, the sources said.

Also on Tuesday, the National Development and Reform Commission of China inked a Memorandum of Understanding (MOU) with the U.S. plane maker on the promotion of comprehensive strategic cooperation in the civil aviation industry.

According to the MOU, in the next five years till 2020, the two sides will enhance industrial cooperation, expand scale of production, jointly develop "green aviation technologies," and develop world-class air transportation systems together.

In addition, Boeing has agreed to authorize the Aviation Industry Corporation of China to increase its production of Boeing 747-8 plane parts.

With industry experts predicting continued rapid growth through 2020 for China's air transportation market, Boeing is vying against other major aircraft manufacturers such as the Europe-based Airbus Group for a bigger share of the Chinese orders.

The visiting Chinese president, who has a very tight schedule for his stay in Seattle before heading to Washington D.C., will tour Boeing's largest factory in Everett on Wednesday. Endi