COMAC's widebody jet model at the China International Aviation and Aerospace Exhibition. (Source: Reuters)

China and Russia on May 22 launched an ambitious project to jointly develop a long-haul aircraft to compete with Boeing and Airbus, just two weeks after China successfully test-flew its first domestically built large passenger plane.

Commercial Aircraft Corporation of China (COMAC) and Russia's United Aircraft Corporation (UAC) announced that they have officially established a joint venture in Shanghai.

COMAC said the plane, jointly developed by Russia and China, can carry 280 passengers and has a range of 12,000km, allowing it to compete directly with Boeing's 787 and Airbus's A350.

COMAC Chairman Jin Zhuanglong affirmed that this project will become a model of China-Russia cooperation.

UAC President Yuri Slyusar said the project would cost between $13 and $20 billion, with each country contributing half.

Mr. Slyusar said the project is a testament to China and Russia's determination for long-term cooperation.

COMAC said the new aircraft could have its first flight in seven years and begin deliveries to customers three years after that.

The plan to cooperate in building wide-body aircraft was first announced in June 2016 when Russian President Vladimir Putin met Chinese President Xi Jinping in Beijing./.

According to Vietnam+