(CBN Global) March 29 -- The value of China's aerospace industry may rise to CNY800 billion (USD123.2 billion) by 2020, with rockets, satellites, and space broadband Internet projects key for this year, according to the Ministry of Industry and Information Technology.
China will continue developing the Long March series of rockets to build a new generation of carrier rockets.
In the field of satellite applications, the BeiDou Navigation Satellite System will continue to expand its provision of global positioning, navigation and timing services.
As part of China's space-based Internet service, the main focus will be on developing a space-based mobile broadband access network and ground network nodes.
The satellite application industry is likely to be worth CNY500 billion in 2020. The Chinese aerospace industry could be worth between CNY800 billion and CNY1 trillion by the end of the 13th five-year plan in 2020, according to CBN analysts.