Global aircraft manufacturers, Boeing received final approval on Wednesday from the Chinese Government confirming a $19 billion aircraft agreement. The contract involves a delivery of 200 aircraft comprising of 737s and 777s over a period of three years (2011-2013).
The agreement with the Chinese government was part of a trade deal which took place amid an official visit by Chinese President Hu Jintao to the US. During the state meet, Jintao announced that the Chinese government would invest a total of $45 billion in US products and services.
"We value China's support for our products and its confidence in Boeing. With the outstanding support provided by the United States Government, this deal is a win-win for the Boeing-China partnership, which is approaching its 40th anniversary," said Jim Albaugh, president and CEO, Boeing Commercial Airplanes in a statement.
Currently, Boeing jets are a mainstay in China's air travel and cargo system, representing over 50 percent of all commercial jetliners operating in the country.
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The new deal with China is stipulated to have a positive impact on US economy affecting over 100,000 jobs including those at Boeing and with its thousands of suppliers throughout the country.
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