(Yicai Global) Dec. 5 -- China's Long March Rockets have cumulatively provided 60 commercial launches for domestic and foreign users, including 15 payload liftoffs.  

China's aerospace market volume will reach CNY800 billion (USD120 billion) by 2020, as Chinanews.com learned at the 5th Aerospace International Forum.

China has developed a full range of space solutions, products, and services, including commercial launch services, satellite in-orbit deliveries, satellite ground TT&C (telemetry, tracking & command) station construction, satellite applications, project financing, insurance, personnel training and technology transfers, and China enjoys a very good reputation in the international commercial aerospace field, said Yu Qi, deputy director of the international cooperation bureau of China's space agency.

China Great Wall Industry Corp. is the enterprise the Chinese government has authorized to run the country's commercial launches, provide satellites, and carry out international technological cooperation. "Since 2012, we have cumulatively conducted 25 commercial launches, accounting for one-fourth of China's such missions. We successfully launched 32 commercial payloads, with the total weight exceeding 43 tons," said Yin Liming, the company's president.

"According to market estimates, China's commercial aerospace market volume will reach CNY800 billion in 2020, and the commercial aerospace industry will see great development opportunities," said Hu Zhongming, head of the International Business Department of China Aerospace Science and Technology Corp. Thanks to the growth opportunities brought by the Belt and Road Initiative, China's aerospace industry will enjoy deeper international cooperation in establishing a space information corridor.

China's satellite communication service has now expanded to more than 30 countries and regions in the world, including nations along the Maritime Silk Road. China's BeiDou Satellite Navigation System is continuously improving its regional service capability and is expected to cover all countries and regions along the Belt and Road by next year.