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Boeing: 20-year Chinese aircraft demand to grow, but at slower pace

Boeing Co. said demand from China airlines will continue to grow over the next two decades, though at a slower pace than that predicted last September.

Chinese airlines will need a delivery of about 8,090 planes by 2038, reflecting a 5.2% rise in demand from China, as the country is projected to become the world's largest aviation market in the near future. That growth rate, however, is below the 6.2% growth rate projected in September 2018 covering the period to 2037.

The aircraft manufacturer estimates China deliveries worth $1.300 trillion in the next 20 years. In September 2018, Boeing expected Chinese carriers to purchase 7,690 new planes worth $1.2 trillion.

The aircraft maker forecasts Chinese airlines to the purchase 5,960 single-aisle planes, 1,780 widebody aircraft, 230 freighters and 120 regional jets through 2038.

Boeing believes China's share of fleet and air traffic will climb to almost 20% "over the next decade and beyond," Boeing said. The company said China's passenger traffic will continue to rise as the middle-class population is expected to double over the next decade.

Meanwhile, Europe is expected to take deliveries for 8,990 planes by 2038, worth $1.370 trillion, while Asia-Pacific is due to get 17,390 deliveries, worth $2.830 trillion. North America's deliveries are projected to total 9,130, valued at $1.155 trillion.