China needs 4,960 planes by 2031: state media

China will need 4,960 commercial planes over the next 20 years, representing a value of $563 billion, the official Xinhua news agency said Tuesday, as air travel demand is expected to increase.

The Commercial Aircraft Corporation of China (COMAC) also forecast that China would require 4,273 "large" passenger planes from now until 2031, the report said.

The forecast for all commercial planes, large and small, is lower than a similar estimate by US aviation giant Boeing released in September that said China will need 5,260 commercial jets by 2031.

COMAC, which gave the estimate on the sidelines of China's premier airshow held in the southern city of Zhuhai, also said the country's air passenger volume would grow more than seven percent annually in the next two decades.

Air travel demand in China has soared in line with the country's decades of surging economic growth that have made it the world's second-biggest economy and seen its increasingly wealthy consumers take to the skies.

Chinese airlines carried 292 million domestic passengers last year, up 9.2 percent from 2010, according to official figures.

COMAC itself is developing two planes, a regional jet and a larger aircraft aimed at challenging the dominance of industry giants Boeing and Airbus.

The Chinese company said it received 50 orders for the challenger -- a medium-range commercial jet called the C919 -- at the airshow, bringing the total to 380, Xinhua said in a separate report.

The company aims to hold the maiden flight of the C919 in 2014 and bring the aircraft to the market in 2016, Xinhua said.

The C919 will have up to 168 seats with a maximum range of 5,555 kilometres (3,450 miles), according to COMAC's website.

Industry officials say the C919 will compete with Boeing and Airbus in the medium-range sector, which represents 70 percent of China's market.

Shanghai-based COMAC is now testing prototypes of its smaller, regional jet -- the ARJ21 -- but it has ambitious plans to assemble 50 of them a year by 2014, state media reported earlier this month.

European consortium Airbus had 853 planes in service in China by the end of October, accounting for about half of China's total fleet of aircraft of over 100 seats, the company said in a statement released at the airshow.

It plans to deliver a total of 120 new aircraft, mainly A320s, to Chinese airlines for all of this year, the statement said.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • New Adidas CEO sets off in pursuit of Nike Business Times - 6 minutes ago

    BERLIN: Closing the gap on clear market leader Nike is the challenge facing new Adidas boss Kasper Rorsted when the Dane takes charge of the world’s second biggest sportswear brand from the start of October. Investors are banking on Rorsted, 54, … More »

  • Anglo American eyes job cuts at Australian coal mine
    Anglo American eyes job cuts at Australian coal mine Reuters - 6 minutes ago

    Global miner Anglo American (AAL.L) on Thursday said it had opened talks with workers and unions on a proposal to cut 90 jobs at its Capcoal coking coal mine in Australia, where industrial work stoppages have been underway since August. Anglo … More »

  • China Money-Market Rates Advance as PBOC Withdraws More Cash Bloomberg - 33 minutes ago

    The seven-day repurchase rate, the benchmark gauge of funding availability in the financial system, rose 11 basis points to 2.73 percent as of 1:46 p.m. in Shanghai. The People’s Bank of China has drained a net 370.1 billion yuan ($55.4 billion) … More »

  • Governor to approve state-run retirement for private workers Associated Press - 34 minutes ago

    Gov. Jerry Brown is scheduled to sign legislation Thursday to automatically enroll nearly 7 million people in a retirement savings account, an attempt to address growing fears that many workers will be ... … More »

  • Tokyo shares up as energy firms surge on oil deal AFP - 3 minutes 46 seconds ago

    Energy firms soared in Tokyo Thursday, leading a Japanese stock market rally as oil prices were boosted by a surprise OPEC deal to cut crude production. The Organization of the Petroleum Exporting Countries, ... … More »

  • Deutsche Bank Said to Face Hurdle Moving China Sale Proceeds (1) Bloomberg - 43 minutes ago

    The State Administration of Foreign Exchange is reviewing applications to move large amounts of money on a case-by-case basis and its focus is on preserving currency stability, people with knowledge of the matter said. One option the regulator has … More »

  • Hong Kong Stocks Rise for Third Day as Oil Boosts Energy Shares Bloomberg - 45 minutes ago

    The Hang Seng Index climbed 0.1 percent as of 1:55 p.m. local time, extending a quarterly rally. Cnooc Ltd. and China Petroleum & Chemical Corp. advanced at least 4 percent, while China Oilfield Services Ltd. jumped the most since February, after … More »

  • Expert panel warns Tokyo Olympics cost could top $30 billion
    Expert panel warns Tokyo Olympics cost could top $30 billion Associated Press - 53 minutes ago

    An expert panel commissioned by Japan's capital city has warned that the total cost for the Tokyo 2020 Olympics could exceed 3 trillion yen ($30 billion) unless drastic cost-cutting measures are taken. ... … More »

  • A year of bombing in Syria stirs little debate in Russia
    A year of bombing in Syria stirs little debate in Russia AFP News - 1 hour 1 minute ago

    Veteran Russian opposition activist Sergei Davidis was among 300 people who showed up to a protest in Moscow against the start of the Kremlin's Syria bombing campaign. "As far as I know there haven't been any other events dedicated specifically to … More »

  • The 10 most important things in the world right now
    The 10 most important things in the world right now Business Insider - 1 hour 4 minutes ago

    REUTERS/Grigory Dukor Ballet dancers perform Pyotr Tchaikovsky’s Swan … Continued The post The 10 most important things in the world right now appeared first on Business Insider. … More »

  • Spotify Debuts in Japan, Complete With Karaoke Lyrics (1) Bloomberg - 1 hour 6 minutes ago

    Reflecting the country’s predilection for karaoke, Spotify also introduced a new feature that shows lyrics while tracks are playing. Chief Executive Officer Daniel Ek is betting that Spotify can carve out a piece of the world’s second-largest music … More »

  • Lawyer Says FBI Immunity Offer Rejected in $81 Million Heist Bloomberg - 1 hour 8 minutes ago

    Talks between Maia Santos Deguito, a former Rizal Commercial Banking Corp. branch manager, and the FBI ended in a stalemate because the offer was “inadequate” to protect her interests, lawyer Ferdinand Topacio said by telephone on Thursday. “There … More »

  • Goldman says OPEC deal to add as much as $10 to H1 2017 oil prices Reuters - 1 hour 16 minutes ago

    Goldman Sachs said the deal reached by OPEC crude producers on Wednesday to curb output should add $7 to $10 to oil prices in the first half of next year. Members of the Organization of the Petroleum Exporting Countries (OPEC) agreed on Wednesday … More »

  • Goldman says OPEC deal to add as much as $10 to first half 2017 oil prices Reuters - 1 hour 16 minutes ago

    Members of the Organization of the Petroleum Exporting Countries (OPEC) agreed on Wednesday to modest oil output cuts in the first such deal since 2008, with group leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure … More »

  • OPEC agrees shock oil output cut
    OPEC agrees shock oil output cut AFP News - 1 hour 19 minutes ago

    OPEC shocked markets with a deal to cut oil output after kingpin Saudi Arabia allowed bitter rival Iran to be exempted, but analysts warned Thursday the move would not likely have a lasting impact. At the end of six hours of negotiations and weeks … More »

  • Oil prices retreat as investors wait for clarity on OPEC deal
    Oil prices retreat as investors wait for clarity on OPEC deal Reuters - 1 hour 26 minutes ago

    Oil futures retreated on Thursday as the market grew more sceptical on how OPEC would implement a plan to curb oil output a day after the group agreed to limit production. Benchmark prices had initially extended gains made in the previous session … More »

  • China’s $5 Billion Health-Care Deal Spree Shows Global Ambitions Bloomberg - 1 hour 30 minutes ago

    It would later be used by Communist fighters during China’s civil war before evolving into a state-owned drug company. Its owner, Hong Kong-listed China Grand Pharmaceutical and Healthcare Holdings Ltd., has big ambitions to scale up and compete … More »

  • Oil shares pull Asian stocks higher; yen slips
    Oil shares pull Asian stocks higher; yen slips Reuters - 1 hour 32 minutes ago

    Oil shares pulled regional stock markets higher on Thursday after OPEC members agreed to curb output in a surprise deal, though investors were wary of chasing markets higher as the U.S. presidential election neared. MSCI's broadest index of … More »

  • Devil's in the details of OPEC deal as Asia buyers remain cautious
    Devil's in the details of OPEC deal as Asia buyers remain cautious Reuters - 1 hour 46 minutes ago

    SINGAPORE/SEOUL (Reuters) - Asian crude oil buyers remained cautious, eyeing details of an OPEC deal after the oil-producers group agreed for the first time since 2008 to reduce output in an oversupplied market. Global oil prices held onto gains … More »

  • Trump's old military prep school looks overseas for renewal
    Trump's old military prep school looks overseas for renewal Associated Press - 1 hour 51 minutes ago

    While Donald Trump talks tough about dealing with China, his old military prep school is building bridges to that country. The New York Military Academy began classes this fall with new Chinese backing ... … More »

  • Energy-linked currencies lifted in Asia after OPEC deal AFP - 1 hour 59 minutes ago

    Energy-linked currencies led a rally in high-yielding units Thursday after OPEC's surprise deal to cut oil output sent crude prices soaring. Officials at the Organisation of Petroleum Exporting Countries, ... … More »

  • Key dates since Russian intervention in Syria
    Key dates since Russian intervention in Syria AFP News - 2 hours 10 minutes ago

    Russia one year ago carried out its first air strikes in support of Syrian President Bashar al-Assad's forces, in a major turning point in a multi-sided civil war. A timeline: Start of Russian intervention - September 30, 2015: Russia, at the … More »

  • Should You Still Invest In Bonds After The Recent Defaults In The Market? DollarsAndSense.sg - 2 hours 12 minutes ago

    Is the 2008 global financial crisis happening again? The post Should You Still Invest In Bonds After The Recent Defaults In The Market? appeared first on DollarsAndSense.sg. … More »

  • Gold steady as dollar sags after OPEC deal
    Gold steady as dollar sags after OPEC deal Reuters - 2 hours 14 minutes ago

    Division between Federal Reserve policymakers on when to raise U.S. interest rates has sapped investor enthusiasm for trading on comments by officials from the central bank. The mixed views from U.S. Fed officials have weakened their credibility … More »

  • In Bali's deaf village, silence is golden
    In Bali's deaf village, silence is golden AFP News - 2 hours 15 minutes ago

    It appears to be just another show on the Indonesian resort island, known for its ancient culture and rituals, but there is a key difference -- the dancers are all deaf and cannot hear the beat. The village of Bengkala has been home to an unusually … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.157+0.006+3.97%
    N21.SI
    0.113+0.004+3.67%
    40E.SI
    0.295+0.020+7.27%
    5ME.SI
    0.131+0.009+7.38%
    A50.SI
    0.106+0.001+0.95%
    40F.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.35+0.05+16.67%
    AYV.SI
    0.119+0.015+14.42%
    A7S.SI
    0.395+0.045+12.86%
    BQF.SI
    0.27+0.03+12.50%
    AWI.SI
    0.182+0.020+12.35%
    BGO.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.25-0.03-10.71%
    F86.SI
    0.15-0.02-10.18%
    5WJ.SI
    0.178-0.020-10.10%
    M14.SI
    0.435-0.040-8.42%
    AWC.SI
    0.16-0.01-5.88%
    5G1.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3631+0.0042+0.31%
    USDSGD=X
    1.5297+0.0058+0.38%
    EURSGD=X
    1.7756+0.0073+0.41%
    GBPSGD=X
    74.4880+0.376+0.51%
    SGDJPY=X
    5.6875-0.0166-0.29%
    SGDHKD=X
    3.0195-0.0121-0.40%
    SGDMYR=X
    9,502.2793-59.3232-0.62%
    SGDIDR=X
    4.8913-0.0189-0.38%
    SGDCNY=X
    1.0463+0.0017+0.16%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,325.80+2.10+0.16%
    GCZ16.CMX
    19.25+0.13+0.70%
    SIZ16.CMX
    95.67+2.69+2.89%
    ^XAU
    2.20+0.01+0.53%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.13+0.02
    ^FVX
    1.57+0.01
    ^TNX
    2.29+0.01
    ^TYX