Two Chinese airlines have agreed to buy 43 of Boeing’s large passenger jets in a deal that underlines the dramatic growth of China’s aviation industry. Air China, the country’s flag-carrier, said it would buy five 747-8 aircraft, a new version of Boeing’s jumbo jet that carries more than 460 passengers.

Hong Kong Airlines has signed a preliminary agreement to take 38 aircraft, including 32 of Boeing’s much-delayed 787 Dreamliners, and six 777 freighters. The combined value of the two purchases, announced at the Asian Aerospace air show in Hong Kong, would be about $10bn at advertised prices, although the prices negotiated are normally lower. The orders highlight the growth in demand for flights that Boeing and its European rival, Airbus, expect to see in coming years in China and the Asia Pacific region. Air traffic in the Asia Pacific region is expected to grow at an average annual rate of 6.8 per cent over the next 20 years, well above the world average of 5.3 per cent, said Randy Tinseth, vice-president for marketing at Boeing’s commercial aircraft division. China’s air travel growth will be even more buoyant, he told reporters in Hong Kong, with an 8.6 per cent annual increase predicted over the next two decades. “Asia Pacific will account for one-third [10,320] of new aeroplane deliveries worldwide over the period,” Mr Tinseth said. “This demand is driven by the fact that Asia Pacific will account for 44 per cent of travel in 20 years’ time, up from around 34 per cent today.” Globally, Boeing expects rising passenger and cargo traffic will mean airlines will need 30,900 new aircraft through to 2030, less than half of which will be replacing older aircraft. The world fleet is predicted to double from 18,890 to 36,300 aircraft over this period. The sale of the 747-8 jets to Air China is significant for Boeing, which has been struggling to find passenger airlines to buy the latest version of the jumbo jet.