The development coincides with Chinese President Xi Jinping visit to Europe.

On Tuesday, following the news that European planemaker Airbus SE won a deal worth tens of billions of dollars, shares of the planemaker rose by 1.9% in early trading session.

Airbus has secured a deal to sell 300 aircraft to China.

According to French officials, the deal was worth nearly $34 billion (30 billion euros) at list prices, albeit planemakers usually grant significant discounts.

The Chinese order was announced late on Monday, and coincided strategically with a visit to Europe by Chinese President Xi Jinping.

Following the news, Citigroup kept a “buy” rating on Airbus.

“We do not have details of the delivery schedule of this order, but China has been taking about 20-25 percent of Airbus production per year and given the A320 family is sold out at announced production rates out to 2024/25, we believe this increases the probability of Airbus moving to a production rate of 70 per month,” wrote Citigroup.