Airbus: Nation will propel global market for planes

China will need 5,363 new passenger aircrafts and freighters from 2014 to 2033, as the country will have the world's largest domestic air traffic within 10 years, Airbus SAS forecast on Wednesday.

The new aircraft market in China will be worth $820 billion during the period, the company said. The nation will account for 17 percent of global demand, which will exceed 31,000 new aircraft.

Both domestic and international passenger traffic in China will increase faster than the world average level, the European aircraft manufacturer said in its 2014-33 Global Market Forecast.