China's Space Initiative: Wuhan Aims To Become 'Valley of Satellites' By 2025, Create $15 Bn Space Industry
|As per the notice from the city government, it is offering enterprises up to 50 million yuan ($7.88 million) in cash incentives each in projects related to the manufacturing of satellites, rockets and spacecraft.
Wuhan, the central city in China from where the COVID-19 first emerged, has vowed to create a 100 billion yuan (USD 15.7 billion) space industry by 2025 and become the country's "valley of satellites", joining other cities tasked with developing the sector.
As per a notice from the city government, the city is offering enterprises up to 50 million yuan ($7.88 million) in cash incentives each in projects related to the manufacturing of satellites, rockets and spacecraft.
The amounts for Wuhan are modest compared with the other prosperous coastal cities' ambitious plans. However, the effort suggests a deepening push by China to become a significant space power by 2030, India Today reported.
China envisions enormous constellations of commercial satellites that can provide services like high-speed internet for aircraft to coal shipment tracking.
Adopt Locally Sourced Equipment
According to reports, the city government of Wuhan will encourage companies to adopt locally sourced equipment, services and software.
If a firm uses local items in over 10 per cent of the production of high-orbiting and low-orbiting satellites and spacecraft, it will get financial incentives of up to 15 million yuan.
If local products account for over 30 per cent, the firm will get up to 50 million yuan.
In 2021, the tech city of Shenzhen in southern Guangdong province provided up to 300 million yuan in incentives for every initiative related to the development of satellites and industry-related applications.
China is also planning a new commercial spaceport in the southern island province of Hainan.
Also, it is separately constructing its fifth rocket launch site in the eastern port city of Ningbo in Zhejiang province.
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