The Swiss company said that with a $2 billion (1.25 billion pounds) order backlog, it would double its fleet size to more than 60 aircraft by 2015.

VistaJet and Beijing Airlines, the private aviation unit of Air China, also signed an agreement under which they will investigate joint marketing and operational opportunities and VistaJet will establish a formal presence in China, the Swiss carrier said in a statement.

China's executive jet market remains small, with about 150 private jets at the end of last year, but the sector is expected to see robust growth thanks to a rise in the number of billionaires and multinationals in the country.

As part of its strategic expansion programme, VistaJet has also identified Russia and Africa as priorities for further regional investment this year.

Last June, VistaJet placed an order for 10 Global 8000 aircraft, valued at about $650 million with Bombardier Inc (BBDb.TO).

NetJets Inc, a private jet-sharing company owned by Warren Buffett's Berkshire Hathaway Inc (BRKa.N), has named a Beijing-based private equity firm and a Hong Kong private investment company as its joint venture partners in China as it aims to tap soaring growth in the country's aviation market.

(Reporting by Alison Leung; Editing by Jonathan Hopfner)

• A Permanent Economic Emergency