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Boeing anticipated that China would become the second largest market for new commercial airplanes, estimating in a statement Wednesday morning that the the country will need 5,260 new planes -- a $670 billion value -- over the next 20 years.
More than half of all commercial planes operating in China currently are Boeing planes, and an increase in demand for such jetliners could mean more business for the Seattle-area airplane manufacturer.
Growing personal wealth and increasing interest in tourism in China has fueled the demand for such planes, and Boeing says the country will look to compete further in the international travel market.
This year marks the 40th anniversary since Boeing began business with China's aviation industry.