At their press conference yesterday, the China Business Aviation Group (CBAJET) gave some impressive statistics on the current state of business aviation in China. Tops on the list was the fact that nearly 70 buisness jet worth around $2.45 billion will be imported this year. Jason Liao, chairmand and CEO of the CBA told those gathered that "China is the new frontier for buisness aviation" and that their was great excitement about the tremendous opportunities in the China market. With the U.S. the largest business aviation market with 40% of this year's deliveries, almost $8 billion, China will become the largest market in terms of aircraft delivered by 2018 with deliveries forecast to be around $11.68.
Liao also said that commercial aviation in China has been growing approximately 18% annually for the last 30 years and that the country is building about 15 new airports annually.
With about 150-plus business aircraft in China today, Liao says that he expects 70-plus deliveries by year-end. The growth drivers seem to be economic growth; regulatory support, product support and the the need for this type of transportation. Even more important, Liao says that companies and people are "daring" to make the purchase, when in the past they may have waited on the sidelines for the ecomonic picture to change. It looks like it's changing.