Dunno where you got that from, the first member of the A330/A340 family flew at Farnborough '92, the family having been planned through the mid-eighties.
I think the first A330-300 flew in 1993.
Airbus are in the advantageous position of having an excellent aircraft on which to improve, rather than having to start afresh.
Much of Boeing's
PR material about "30% more efficient" with regards to the 7E7 is based on a comparison with its own 767, a 1970s aeroplane. The exisiting A330 is much more efficient than the 767. The 7E7 will be more efficient, but not by much.
I think Airbus are going to win this; the A350 seems much more than a 'warmed over' A330.