Airbus China
A guest attends a ceremony to mark the beginning of construction on a new Airbus facility in Tianjin on March 2, 2016. FRED DUFOUR/AFP/Getty Images

Boeing’s distress in the aftermath of the 737 Max aircraft incidents seemed to have given a market edge to competitor Airbus of France. On Tuesday, Airbus signed a massive order to deliver 300 jets for China, for a value estimated to be around $34 billion.

The deal was signed during the visit of Chinese President Xi Jinping to France. China’s purchase involves both A320 and A350 XWB aircraft.

According to a statement by Airbus, the deal with China involves 290 A320 planes and ten A350 XWB jets.

Airbus Commercial Aircraft President Guillaume Faury said in a statement that Airbus is “honored to support the growth of China's civil aviation with our leading aircraft families - single-aisle and wide-bodies.” In April, Faury is expected to become the next CEO of Airbus.

Airbus said the agreement showed strong demand from all areas of China's booming aviation market, including “domestic, low cost, regional and international long haul.”

The China deal gave a leg up to Airbus shares and it zoomed more than 1.5 percent in Tuesday's trading.

In a 2018 forecast, Airbus had said China would require 7,400 new passengers and cargo aircraft until 2037. Both Airbus and Boeing see China as a giant market.

Setback for Boeing

It is apparent that the China deal is a setback to Boeing that is reeling under hard times in the aftermath of two fatal crashes involving the 737 Max 8 jets in Asia and Africa. In fact, A-320 series jets compete with the Boeing 737 Max model.

Both are single-aisle aircraft and used for short-and medium-haul routes.

The crash of Ethiopian airlines aircraft led to the ban of the Boeing 737 Max 8 aircraft in many countries. Boeing also grounded its 737 Max fleet

In fact, China was the first country to spurn the 737 Max in March after the crash of an Ethiopian Airlines flight. Recently, Indonesian airline Garuda announced the scrapping of an order involving 49 Boeing 737 Max aircraft.

However, China has a record of having supported Boeing with an order for 300 aircraft when President Donald Trump visited China in November 2017.

Boeing shares up

Meanwhile, Boeing shares jumped more than 1.2 percent Monday on the back of some positive news. The crash of 737 MAX aircraft had affected the share’s appeal.

However, Boeing stock recovered and is a strong “buy” despite the incident and investigation.

The Monday surge in Boeing’s shares followed Ethiopian Airlines' CEO reiterating faith in Boeing.

“Let me be clear: Ethiopian Airlines believes in Boeing. They have been a partner of ours for many years,” the CEO’s statement added.