As SpaceX continues to dominate the global space race, Chinese startups are accelerating efforts to catch up—with backing from President Xi Jinping and bold predictions that they'll surpass Elon Musk's company by 2030.
What Happened: At least six reusable Chinese rockets are expected to launch this year, signaling a turning point for China's commercial space sector, reported the Wall Street Journal.
LandSpace Technology became the first company in the world to launch a rocket powered by liquid oxygen and methane in 2023—before SpaceX used the same fuel for its Starship rocket.
Deep Blue Aerospace, founded by a former state-owned rocket engineer, plans to test a reusable booster this year and aims to launch space tourism flights by 2027, selling tickets for over $100,000 each.
Huo believes Chinese firms can match or surpass SpaceX within five years.
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Since 2014, China has encouraged private companies to enter the space sector, which was previously dominated by state-owned enterprises (SOEs).
Lincoln Hines, an assistant professor at Georgia Tech said, “If China continues to have this bloated state-driven industry, it can do these enormous feats like going to the far side of the moon or placing humans in space, but can it innovate and compete with the United States?”
Why It's Important: SpaceX currently dominates with reusable rockets and over 7,000 Starlink satellites. Since Musk's company is constantly advancing its technology, China faces an uphill battle in closing the gap, the report noted, citing experts.
China had some setbacks also, including a failed launch by the private company Space Pioneer last year that led to damage in a local area.
In a rare meeting with tech CEOs and executives in February, the Chinese President underscored the need for a competitive private sector to foster growth and innovation—a strategy now extending to the space industry.
China is already competing for international satellite launch contracts. In November 2023, a Chinese state-owned company launched a satellite for Oman.
China has two competitors to SpaceX's Starlink satellite internet network—Guowang and Thousand Sails.
Last week, SpaceX became Musk’s most valuable asset, surpassing Tesla Inc. TSLA as the latter's stock faced a downturn.
SpaceX’s Dragon capsule has also recently completed a successful mission, bringing NASA astronauts back to Earth after an extended stay on the International Space Station.
Image via Shutterstock.com
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