Boeing: Don't worry about China's economy — they're going to buy nearly $1 trillion worth of planes (BA)

AP

The Chinese aviation industry is growing at an incredible pace.

And Boeing has taken notice.

According to the latest projections from the airplane maker, Chinese airlines will play a big role in the company's financial success.

"We expect China to need 6,330 new airplanes over the next 20 years valued at nearly $1 trillion," Randy Tinseth, vice president of marketing at Boeing, wrote in a blog post this week.

Although China may be going through a rough patch, Boeing believes its long-term projection of China's economy will hold up.

"Our forecast accounts for fluctuation in the market over the 20 year forecast period," A Boeing spokesperson told Business insider in an email. "We’re confident that China's economy and aviation sector will continue to see strong growth over the long term."

In total, Boeing believes China could generate roughly $950 billion in sales by 2034 at an average price of $150 million per plane.

That's big business.

Boeing's bullish take on the prospects of Chinese aviation are based on the company's belief that the country's airlines will not only dominate its domestic market, but also grow to be major players throughout Asia, Europe, and North America.

Incredibly, "Boeing's forecasts actually tend to underestimate demand," Tinseth said on his podcast this week. "We actually deliver more planes than we anticipate and that just tells you the resiliency and strength of the market."

Analysis from the Center for Aviation (CAPA) seems to back up Boeing's optimistic stance.

According to CAPA, Chinese airlines ferried more than 100 million passengers in the first quarter of 2015.

That's an increase of 13% over 2014.