Boeing sees orders from China hitting $1trn in next 20 years

In a bullish forecast for demand over the period to 2035, Boeing cited an increased appetite for domestic and overseas tourism as the main driver behind its outlook.

"As China transitions to a more consumer-based economy, aviation will play a key role in its economic development," said Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes. "Because travel and transportation are key services, we expect to see passenger traffic grow 6.4 percent annually in China over the next 20 years."

Slower growth in recent times in the Chinese market has led several US firms to question the long-term profitability of the country, but Boeing continues to battle it out with main rival Airbus in the region.

"The continuing expansion of China's middle class, coupled with new visa policies and a wide range of widebody airplanes with new technologies, capabilities and efficiencies, gives us every reason to expect a very bright future for China's long-haul market," said Tinseth.

Both Boeing and Airbus continue to dominate the airplane manufacturing industry, but Chinese companies appear to be making the move towards having to rely less on Western manufacturers to provide parts for its carriers.

The Aero Engine Corp of China was established at the end of August in order to develop Chinese-made engines, which have previously not passed international standards.