Boeing projects a demand for 6,810 new airplanes in China over the next 20 years. Boeing released its annual China Current Market Outlook ( CMO ) on September 13, in Beijing, estimating the total value of those new airplanes at US$1.025 trillion. China becomes the first trillion dollar aviation market in Boeing's forecast. "As China transitions to a more consumer-based economy, aviation will play a key role in its economic development," said Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes. "Because travel and transportation are key services, we expect to see passenger traffic grow 6.4% annually in China over the next 20 years." Boeing predicts China will need 5,110 new single-aisle airplanes through 2035, accounting for 75% of the total new deliveries.