Boeing: China will triple its number of planes in 20 years

SEATTLE -- Boeing announced Thursday that it is expecting the demand for airplanes in China to triple over the next two decades.

The company, which is China's leading provider of passenger planes, said demand will reach 5,580 with a value of $780 billion.

Boeing predicted orders for single-aisle planes like the 737 model to reach 3,900. The company said it is also expecting a need for 1,440 new fuel-efficient wide-bodied planes, such as the 787 Dreamliner, 777 and 747-8 Intercontinental.

A spokesperson for Boeing credited strong economic growth and an increased access to air travel as reasons for the positive forecast. He also said that Boeing's current and future projects will help air carriers meet the growing need.