Will galactic energy become a Chinese rival to SpaceX?

Hong KongCNN — Galactic Energy, a rocket startup in China, launched five satellites into orbit on Monday, boosting the private company’s ambition to become the Chinese rival to SpaceX.

Will galactic energy launch iSpace in 2022?

The launch follows the company’s first launch in November 2020, which made Galactic Energy only the second Chinese private rocket firm to reach orbit, following the success of iSpace in July 2019. However, iSpace has failed with both of its subsequent orbital launch attempts, both in 2021. Galactic now plans five launches in 2022, the company says.

Does China have a space industry?

China’s commercial space industry has expanded rapidly since 2015, when the government began encouraging private companies to enter the space sector. Before that, launching rockets and satellites had been the monopoly of state-owned aerospace companies.

Is China a space power?

By any standard, China would seem to be a formidable space power. Earlier this year, the country achieved a historic first by retrieving soil and rock samples from the far side of the Moon. In 2021 China safely landed a spacecraft on Mars on its first try and released a rover, becoming just the second nation to do so.

Why are wind and solar energy bases important in China?

In the western and northern regions of China, there exists an abundance of wind and solar energy resources, making them suitable for establishing clean energy bases to facilitate concentrated and large-scale development of renewable energy.

Who invests in China's space industry?

Major investors include the investment arm of Aviation Industry Corporation of China, a state-owned aerospace and defense conglomerate. China’s commercial space industry has expanded rapidly since 2015, when the government began encouraging private companies to enter the space sector.