China positions the space industry as a core driver for economic growth and global competitiveness in the future.
The Chinese government has officially called the commercial space sector a new growth engine. On November 29, the National Space Administration (NSA) announced that it had established a new unit to monitor the field.
The national aerospace agency said the move would pave the way for specialized regulations and promote high-quality development across the entire industrial chain.
The sector that was once dominated by state-owned enterprises is now bustling with government-backed private companies, aiming to improve China's space capabilities this decade and narrow the gap with the US.
That was clearly demonstrated at the China High-Tech Fair in Shenzhen from November 14 to 16. Commercial space companies have introduced new technologies and business models. The market size of China's commercial aerospace industry, currently with more than 600 companies, is expected to exceed 2.5 trillion yuan ($350 billion) this year.
Space travel is the next limit. China has announced plans to launch a space tourism project at the China High-Tech Fair, although this has not happened and there is no official explanation.
To achieve the space tourism goal, China prioritizes recruiting highly skilled talents in the Next 5 Year Plan. This country issued a new K visa to attract foreign scientific and technological talents. Leading cities such as Beijing, Shanghai, Guangzhou and Shenzhen have increased investment and organized job fairs in the space industry.
Mr. Liu Tianxiao, secretary of the board of directors of Shaanxi Space Circling Technology, commented that the development of the commercial universe in China and the exploration of global space resources show great potential for space travel. This requires a high-performance, cost-effective and reusable missile.
Land Space, a Chinese startup, plans to launch its first reusable missile. The first launch, originally scheduled for November 29, has been postponed due to "irresistibility".
