What’s the state of China’s ‘space economy’ as commercial launches intensify?

Chasing the success of SpaceX, China’s commercial space industry is eyeing lofty gains despite setbacks and technological constraints

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China’s first commercial spaceport, in Hainan province, is capable of supporting 16 launches per year. Photo: Xinhua

Published: 9:00am, 4 Dec 2024

China’s commercial space players have had a busy year, with the number of lift-offs in the first three quarters already exceeding the 2023 total as the industry surges skyward.

China achieved 27 commercial launches between January and September, compared with 26 such launches in all of last year, according to a tally by Beijing-based Taibo, a think tank and service platform for the nation’s space and geospatial information industry.

And amid soaring market demand, a report by the Shenzhen-based consultancy Askci Corporation has predicted that the size of China’s commercial space industry will skyrocket to 6.6 trillion yuan (US$906.4 billion) in 2029, which would be an elevenfold increase from 600 billion yuan in 2018.

The country is poised to see more quick-fire launches following Saturday’s inauguration of its first commercial spaceport in the southern island province of Hainan, where two satellites were sent into orbit atop China’s Long March 12 heavy-lift rocket to support broadband networks.

The 4 billion yuan complex consists of two launch pads, each capable of supporting 16 launches per year, according to state media.

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More private launches are being arranged by start-ups such as Galactic Energy, CAS Space and Orienspace.