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.

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.

(Reuters) -Boeing is in talks to sell as many as 500 jets to China, Bloomberg News reported on Thursday, citing people familiar with the matter. Shares of the U.S. planemaker rose 2% before the market open as the potential order would be China's first major purchase of Boeing jets since U.S. President Donald Trump's visit in his previous term.