(Yicai Global) August 3 -- The actual positioning accuracy of China's BeiDou-3 Satellite System has improved to between two-three meters, and in a best case scenario, less than two meters, Ran Chengqi, a spokesman for the system said today at a news conference in Beijing. The Baidou-3 system is thus comparable to other major world navigation systems such as GPS,GLONASS and Galileo and has been successfully applied in Asia, East Europe and Africa, Ran said.

China's navigation and locating service industry grow more than 20 percent in the past decade, thanks to the development of the Beidou system. It is expected to reach CNY400 billion (USD 57.37 billion) this year, according to Ran.

China finalized its Beidou-3 navigation Satellite System by launching the 30th and last Beidou-3 satellite into space on June 23, the government held a ceremony on July 31, marking the official start of the system’s global service.

China launched its first Beidou satellite in 2000. This ultimately formed the three-satellite regional navigation service system Beidou-1, which extended its service to the Asia-Pacific region by finalizing the 14-orbiter Beidou-2 system in 2012.

Editor: Ben Armour