Wuhan aims to become China’s ‘valley of satellites’ in space initiative

BEIJING, March 18 – The central Chinese city of Wuhan has vowed to create a 100 billion yuan ($15.7 billion) space industry by 2025 and become China’s “valley of satellites”, joining other cities tasked with developing the sector.

Wuhan is👍 offering firms up to 50 million yuan ($7.88 million) in financi💦al incentives each in projects related to the manufacturing of satellites, rockets and spacecraft, according to a notice from the city government on Wednesday.

The amounts for the inland city are modest compared with ambit𝓀ious plans outlined by other prosperous coasꦍtal cities, but the effort suggests a deepening push by China to become a major space power by 2030.

China envisions massive constellations of commercial sat൲ellites that can offer services rang🉐ing from high-speed internet for aircraft to tracking coal shipments.

The 🔥Wuhan city government will encourage companies to use locally sourced equꦜipment, software and services.

If a firm uses local products in more than 10% of the production of high-orbiting and low-orbiting satellites as well as spacecraft, it will get financial incentives of up to 1🌌5 million yuan.

If local products acco♛unt for more than 30%, the firm will get up to 50 million yuan.

Last year, the tech city of Shenzhen in southern Guangdong province off💛ꦗered up to 300 million yuan in incentives for every project related to the development of satellites and related industry applications.

China is also planning a new commercialꦗ space port in the southಞern island province of Hainan.

In the eastern port city of Ningbo in Zhejiang province, Cꦍhina is separately constructing its fifth rocket launch site.