China launches Space Tourism by 2025
China is likely to start selling tickets for suborbital space tourism by 2025 with prices ranging from $280,000 to $430,000.
China's commercial space sector is developing smoothly, and the country is expected to start selling tickets for suborbital space tourism by 2025, with ticket prices can fall in the range of 2-3 million yuan ($286,400 - $429,600).
ph: Virgin Galactic
Previously, US company Virgin Galactic founded by billionaire Richard Branson announced trips into open space for $450,000.
The space tourism industry in China has entered the 2.0 era thanks to the applications and forces from the 1.0 era characterized by basic production and research and development. Yang Yiqiang - senior rocket scientist and founder of Beijing-based rocket company CAS Space - told the Global Times that China's space tourism industry is likely to catch up with the US development level within the next 10 years.
Thanks to a wide range of intellectual property rights and talent nurturing system as well as the support of the central government, the market size of China's commercial space industry has achieved a compound annual growth rate of 22.09% in the period 2015-2020.
However, domestic commercial space enterprises are still in the accumulation stage due to their relatively small scale while only a few rocket and satellite businesses operate profitably.
China currently has more than 370 enterprises focused on satellite production, rocket launch and orbital satellite-related downstream services by 2021.
It is said that at the current growth rate, China's overall commercial aerospace market could reach 100 billion yuan ($14.3 billion) by 2030.
As of now, dozens of cities across China including Shanghai, Shenzhen and Wuhan are racing to develop their own local space economies.
In March, Wuhan announced that it had supported leading companies in the aerospace industry to set up research and development centers, manufacturing and assembly facilities in the city to accelerate the development of the national aerospace industry.
According to a government announcement, the city is offering companies incentives of up to 50 million yuan for each project related to the production of Chinese satellites, rockets and spacecraft.
China launches Space Tourism by 2025
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