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Asia Today ISSN 1861-4604 Friday, May 25, 2018

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Boeing signs multiple deals with Chinese entities

China’s commercial aviation industry

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WASHINGTON - US aircraft maker Boeing Wednesday hosted Chinese President Xi Jinping at its widebody commercial airplane factory and marked the event with several agreements including orders and commitments for supply of 300 narrowbody and widebody aircraft to China's commercial aviation industry.

The deal for the 300 Boeing aircraft, estimated to be $38 billion at list prices has been signed by China Aviation Supplies Holding Company, ICBC Financial Leasing Co., Ltd., and China Development Bank Leasing, marking the Chinese president's first visit to the US, which started on Tuesday morning.

Another deal has been signed by Commercial Aircraft Corporation of China Ltd. to collaborate with Boeing to build a 737 aircraft completion center in China.

President Xi Wednesday viewed final assembly lines for the 787 Dreamliner, 777 and 747-8, as well as aircraft components made by Chinese aviation suppliers. The president also spoke with Boeing employees and the 787 chief pilot about their work on airplanes built for Chinese carriers.

Boeing President and CEO Dennis Muilenburg said Boeing appreciated China's continued trust and confidence.

"Today's visit by President Xi represents a new chapter in the valuable relationship between Boeing and China," Muilenburg said. "Boeing is committed to further strengthening and deepening our partnership with China in mutually beneficial ways that will bring positive outcomes to Boeing and our Chinese partners."

"Boeing will continue to work closely with our customers, suppliers and other stakeholders in China to support the long-term growth of China's aviation industry and jobs here in the United States," said Boeing Commercial Airplanes President and CEO Ray Conner.

Boeing has also signed a memorandum of understanding with the National Development and Reform Commission of China to enhance industrial cooperation, expand scale of production, jointly develop "green aviation technologies," and develop world-class air transportation systems together over the next five years till 2020.

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 forecasting rapid growth for China's air transportation industry, Boeing is vying for a bigger share of the Chinese orders.

Boeing and Commercial Aircraft Corporation of China, Ltd., (COMAC) have signed a deal to open a facility in China for the interiors completion, paint and delivery of Boeing 737 aircraft to Chinese customers.

The joint venture facility will significantly expand Boeing's collaboration with China's aviation industry while also enabling future production rate increases at Boeing's 737 final assembly factory in Renton, Washington. This China-based facility will not reduce 737 Program employment in Washington State.

Boeing, COMAC and Chinese government officials are working towards a final business agreement and will announce the facility's location and timing of first deliveries at a later date, Boeing said in a statement.

Boeing, now building a record 42 737s per month, will increase production to 47 airplanes per month in 2017 and 52 airplanes per month in 2018 to meet strong demand for the 737, the world's most fuel-efficient single-aisle airplane.

"Boeing airplanes have played an important role in supporting the development of China's aviation transportation for the past 40 years," said Li Hai, president of China Aviation Supplies Holding Company. "These additional airplanes will further help connect the people in China and around the world."

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