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.

Boeing is in talks to sell as many as 500 jets to China, Bloomberg News reported on Thursday, citing people familiar with the matter.