China Aviation Supplies Holding Company has signed an agreement to purchase 140 planes from Airbus in a deal worth about 22.8 billion U.S. dollars, an official statement said Monday.
The deal involves 100 Airbus A320 planes and 40 A350 jets, according to the State-owned Assets Supervision and Administration Commission statement.
In recent years, China’s aviation market has expanded in size by about 10 percent year on year on average, the statement said.
The deal will help to meet the country’s fast-growing market demand.
China’s domestically-produced plane capacity was taken into consideration when the decision was made on Wednesday.
China is set to boost the development of its civil aviation industry to create a market expected to be worth more than a trillion yuan (about 147.2 billion U.S. dollars) by 2020.
It will build new civil airports, bringing the total to more than 500 by 2020, and support the opening of its low-altitude airspace.