China's Shandong Airlines signed a contract on Monday with the U.S.-based Boeing Company to buy 50 Boeing 737 passenger airplanes.

The airliners, including Boeing's 737 NG and 737 MAX models, will be delivered to Shandong Airlines during the 2016-2020 period, said Ma Chongxian, chairman of the company, which is based in Jinan, capital of east China's Shandong Province.

Shandong Airlines aims to increase its fleet to over 140 at the end of 2020, which will be a surge of almost 100 percent, Ma said.

Shandong Airlines already operates 74 passenger aircraft, including 67 Boeing 737 planes.