The municipal government of Beijing is planning the establishment of a dedicated "Rocket Street" as a research and production hub for the advancement of commercial aerospace.

It is part of the capital city's ongoing endeavors to foster innovation in the industry.

Jiang Guangzhi, director of Beijing Municipal Bureau of Economy and Information Technology, said the city had laid out measures for the development of a satellite internet industry and provided support for 41 commercialization launch projects, with funding exceeding 100 million yuan (14.08 million U.S. dollars).

He made the remarks at a conference on Saturday. He said Beijing hosts a cluster of 157 enterprises specializing in commercial space, including a number of leading commercial launch startups. Rocket companies are centered in the south of the city, with satellite-related enterprises gravitating to its north.

In 2023, a total of 13 space launches were conducted by China's private commercial rocket enterprises, all headquartered in Beijing.

The city's rocket makers are now engaging in the development of reusable rockets, with a projected breakthrough between 2024 and 2025, Jiang added.

To expedite the advancement of the commercial space industry, Beijing will persist in its dedication to bolstering the commercial space sector. According to Jiang, efforts will be made to enhance the utilization of ground infrastructure, facilitate the construction of constellations, foster the widespread application of space information, and explore satellite data trading.