China and Russia are set to sign an agreement on developing a wide-bodied airliner before the end of the year, the China Daily reported on Monday, quoting the president of Russia's state-controlled United Aircraft Corp, Yury Slyusar.

United Aircraft and state-controlled Commercial Aircraft Corp of China Ltd have been considering the joint development of the jet since May 2014.

Slyusar said the agreement would initially outline profit sharing and responsibilities, with technical requirements to be decided on by March next year.

Officials at Commercial Aircraft Corp and UAC were not immediately available for comment about the report.

The joint project could give both China and Russia a chance to compete in the wide-body segment which currently operates as a virtual duopoly under Europe's Airbus and U.S. rival Boeing.

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