China will establish a commercial rocket development and launch company, a scientist with a state-owned space technology enterprise said Tuesday.
Hu Shengyun, chief model designer of China Sanjiang Space Group (CSSG), said that Kuaizhou-11, the company's latest carrier rocket, is scheduled to conduct a commercial launch in 2017.
Hu, also a national legislator, told Xinhua on the sidelines of the annual legislature session that the company has been planning to set up a dedicated company as part of the commercialization of the Kuaizhou series carrier rockets. The undertaking has attracted the attention of certain Internet giants. [Special coverage]
CSSG, which is located in central China's Hubei Province, launched Kuaizhou-1 and Kuaizhou-2 solid-fuelled carrier rockets in 2013 and 2014. Kuaizhou means speedy vessel in Chinese.
Commercial use in space industry is a huge market. In the United States, commercial satellites account for more than a half of the satellites in orbit. China, however, has yet to secure a sizable space for itself in the market.
"Commercialization can help us make our mark in the market,as it will reduce the cost in satellite development and launch services," added Hu.
