Airbus chief executive Thomas Enders said his company’s dominance of the global aviation industry alongside Boeing was destined to end as China and Russia develop their abilities to produce large commercial aircraft, Dow Jones reported.

Speaking on a panel at the World Economic Forum in Tianjin he said that the duopoly shared by Boeing and Airbus would change.

He added that Airbus was not afraid of competition from China and Russia and hoped to be able to cooperate with them.

China has set a target of 2020 for production of aircraft that will seat more than 150 passengers, which could compete against Boeing and Airbus.

Enders said Russia isn't an emerging aviation country, rather it has been a pioneer in the field for 80 years.

Russian aircraft makers plan to build about 4,500 planes by 2025 as part of a plan to revive an industry that fell on hard times after the collapse of the Soviet Union.