China plane fleet needs to triple by 2030

China will need to add 5,000 new commercial planes valued at $600 billion by 2030 to meet demand, U.S. aircraft maker Boeing Co. said. The need to triple its plane fleet in the next 20 years will be driven by China's growing economy and rising personal wealth, said Randy Tinseth, Boeing's marketing vice-president, China Daily reported Thursday. Boeing said in its outlook for the China market demand for more planes will continue despite high-speed railways and rising fuel costs. About 84 percent of China's new aircraft will go to meet industry growth. About 70,000 new pilots also would be needed to meet the demand in the next 20 years. Tinseth was quoted as saying China's air travel market will also be driven by growing trade activity and continued market liberalization. The Civil Aviation Administration of China has said passenger travel in 2010 increased by 16.1 percent compared from 2009 and that growth in the past five years has averaged 14.1 percent. "We are still optimistic about China's long-term market, although it has fluctuations sometimes," Tinseth was quoted as saying.