China's first domestically-developed regional jet, the ARJ-21, will probably sell for around 30 million U.S. dollars, undercutting its rivals, Beijing Business Today newspaper reported on Wednesday.

Citing sources with China Chamber of Commerce for Import and Export of Machinery and Electronic Products, the report said the aircraft would have a price advantage over its main rivals -- Canada's Bombardier C-series jets and Brazil's Embraer E-jets -- which sell at more than 35 million U.S. dollars.

It was reported the operating costs of the ARJ-21 would be 15 percent lower than its competitors.

However, the developer of the jet, China Aviation Industry Corporation I (AVIC I), declined to comment on the price.

"We are merely in charge of the assembly of the new jet, so we are not in possession of information about its price," sources with AVIC I told the newspaper, saying the price would be decided by other government organizations.

The ARJ-21 -- "advanced regional jet for the 21st Century" -- is the first regional jet developed by China with self-owned proprietary intellectual property right.

Though mainly targeting the domestic market, the ARJ-21 is to be promoted in some regions of Africa, Asia, and South America.

Earlier reports said AVIC I had received 71 orders for the aircraft from leading regional airlines such as Shanghai Airlines Co. and Shandong Aviation Group.

The ARJ-21's maiden flight is scheduled for March 2008 and the aircraft would be delivered to its first client, Shandong Aviation Group, in the third quarter of 2009.

Begun in 2002, the ARJ-21 project, a joint product of eight domestic aviation companies with 19 international component suppliers, can seat 70 to 110 passengers.