BEIJING, July 13 -- Beijing has launched a "rocket street" project, aiming to establish a national-level scientific research and production hub to support China's commercial space development.

"Beijing Rocket Street" project will be located in Beijing E-town, an economic and technological development area in the southeast of the capital city, with a total floor space of 140,000 square meters. A common technological platform, a high-end manufacturing center and an innovation research and development center are some of the major facilities. It also plans to build an interactive exhibition hall for science and technology that will offer visitors immersive virtual reality experiences.

The local government anticipates that the project will assist rocket enterprises in exploring new technologies and expanding their application scenario. Meanwhile, it has spearheaded a commercial space alliance, bringing together businesses, universities, institutions and cooperatives.

Beijing E-town hosts a cluster of over 70 aerospace companies including 75 percent of China's private rocket makers.

In 2023, the country's private commercial rocket enterprises, all headquartered in Beijing, carried a total of 13 space launches.

Since China's government work report earlier this year highlighted the inclusion of the commercial space industry as a significant driver for new growth, many regions such as Shanghai, Hunan and Sichuan have also released development plans to boost the industry.

Data shows that China's commercial space market has experienced rapid growth since 2015, with an average annual increase of over 20 percent from 2017 to the first half of this year. This year, the country's commercial space market is expected to be worth 2.34 trillion yuan (about 328 billion U.S. dollars).