China signs $37b deal to buy 300 Boeing planes

China signed an agreement Thursday to buy 300 aircraft from US aircraft giant Boeing worth more than $ 37 billion, as part of a series of multi-billion dollar deals announced during the visit of President Donald Trump in Beijing.

The agreement reached between China Aviation Suppliers Holding Co. (CCAC) for the purchase of single-aisle and dual-aisle aircraft was among the more than 250 billion dollars in announced deals at a ceremony attended by Trump and Chinese leader Xi Jinping.

A Boeing report states that the agreement includes "orders and commitments" to buy the plane, but it does not give any additional breakdown. By September 2015, Boeing had already received an order from CCAC for 300 aircraft at a record $ 38 billion at current prices.

Boeing and its European rival Airbus compete heavily in China, the world's second largest aircraft market, with the US company predicting that the Asian giant will need more than 7,200 commercial aircraft in the next 20 years.

China, meanwhile, has developed its own medium-haul C919 in order to challenge the Airbus-Boeing duopoly.

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