Boeing: China will need 3,400 new planes

Aircraft manufacturer Boeing estimates that China will need 3,400 new planes worth a total of US$340 billion over the next 20 years in order to keep pace with passenger growth projections. The forecast is 18% higher than Boeing's 2006 estimate, which allowed for 2,880 new planes at nearly US$280 billion, the Wall Street Journal reported. The company believes China will likely have the world's fastest-growing commercial aviation market between now and 2026, with passenger numbers rising by about 9% each year. By 2026, the country will have 4,460 aircraft and its domestic market will be slightly larger than the current North American internal market, Boeing said.