Boeing ups its forecast for China market

Boeing Co has raised its forecast for China, saying that over the next 20 years, Chinese carriers will need 8,090 new airplanes, worth nearly $1.3 trillion based on list prices, to meet fast-growing airplane passenger traffic in the country, especially rapid rising demand from second-tier cities.

China's air travel passenger traffic is expected to grow at 6 percent annually in the next 20 years, higher than Southeast Asia, Europe and North America, the US aircraft manufacturer announced in its latest forecast in Beijing on Tuesday.

"China is one of the world's most exciting and dynamic markets, it became our largest market last year," said Randy Tinseth, vice-president of commercial marketing at Boeing.