The commercialization of rocket launches will boost the industry by bringing space tourism income and attracting private investment, experts said.
ChinaRocket Co. Ltd, a subsidiary of China Academy of Launch Vehicle Technology, the country's largest developer of ballistic missiles and carrier rockets, was established on Wednesday, marking the commercialization of China's space industry, the Xinhua News Agency reported.
"Chinese commercial space enterprises are lagging behind the global market due to lack of complete production chain in the commercial space industry and experience in commercial space activities like space tourism," Li Hong, president of the academy, said at a press conference on Wednesday.
"Commercializing rocket launches will help develop the industry as many private companies will be interested in the sector," Jiao Weixin, a professor at the School of Earth and Space Science of Peking University, told the Global Times on Thursday.
Jiao said the establishment of the company signals that State-controlled space industry is stepping into ordinary people's daily life.
Han Qingping, president of ChinaRocket, said at the press conference that the company would focus on keeping the cost 30 percent lower than an average launch through the "standardization of the interface between satellite and rocket as well as advance preparation."
According to Han, China will develop reusable sub-orbital vehicles in five to 10 years.