Beijing Unveils 'Rocket Street' to Boost Commercial Space Sector

Written by Copernical Team Tuesday, 16 July 2024 20:03

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Sydney, Australia (SPX) Jul 16, 2024

Beijing has announced the launch of the "Rocket Street" project, which aims to create a national-level hub for scientific research and production to enhance China's commercial space industry. Located in Beijing E-town, an economic and technological development zone in the southeast of the city, the "Rocket Street" project will span 140,000 square meters. It will feature key facilities such

Beijing Unveils 'Rocket Street' to Boost Commercial Space Sector
by Simon Mansfield
Sydney, Australia (SPX) Jul 16, 2024

Beijing has announced the launch of the "Rocket Street" project, which aims to create a national-level hub for scientific research and production to enhance China's commercial space industry.

Located in Beijing E-town, an economic and technological development zone in the southeast of the city, the "Rocket Street" project will span 140,000 square meters. It will feature key facilities such as a common technological platform, a high-end manufacturing center, and an innovation research and development center. Additionally, an interactive exhibition hall will offer visitors immersive virtual reality experiences focused on science and technology.

The local government expects this initiative to aid rocket enterprises in exploring new technologies and broadening their application scenarios. It has also initiated a commercial space alliance, uniting businesses, universities, institutions, and cooperatives.

Beijing E-town currently hosts over 70 aerospace companies, including 75 percent of China's private rocket manufacturers.

In 2023, Beijing's private commercial rocket enterprises conducted a total of 13 space launches.

Following the government's report earlier this year, which emphasized the commercial space industry as a key growth driver, regions such as Shanghai, Hunan, and Sichuan have also announced plans to advance the industry.

Data reveals that China's commercial space market has grown rapidly since 2015, with an average annual increase of over 20 percent from 2017 to mid-2023. This year, the market is projected to reach a value of 2.34 trillion yuan (approximately $328 billion).

Based on a Xinhua News Agency article