China will need an estimated 8,800-plus planes over the next 20 years to meet rising demand for air travel, according to Boeing’s commercial- market outlook. About 60% of that demand would come from airlines expanding their fleets, while airlines replacing older jets with more fuel-efficient models would account for the rest.

Boeing is in talks with China over a possible order for up to 500 commercial aircraft in what would be a significant win for the US firm.