Boeing to Sign China Sale ‘Soon’

China’s purchase of Boeing Co. aircraft valued at as much as $2 billion, delayed after the terrorist attacks in the U.S., will be formally announced before President Bush’s planned trip to Shanghai next month, a Chinese official said.

“The signing will be very soon and should be in the U.S.,” said Xu Dengyin, head of the European and North American division of the China Aviation Supplies Import & Export Corp.

Chinese officials were en route to the U.S. to sign contracts for the purchase of as many as 36 Boeing jets when the Sept. 11 grounding of all civil aircraft in North America delayed their plans. Bush will attend the Asia Pacific Economic Cooperation summit in Shanghai on Oct. 20-21.

Chicago-based Boeing has announced plans to fire as many as 30,000 employees, or 15% of its staff, by the end of next year as airlines abandon plans to buy new planes. The aircraft maker expects to trim production by 20% next year.

Boeing shares rose 11 cents to close at $34.40 on the New York Stock Exchange.