China’s
commercial space sector has entered a new frontier. In January, a private Chinese aerospace company unveiled the test capsule of what is set to become the country’s first commercially developed crewed spacecraft, with plans for crewed flights by 2028 and bookings already taken from private space tourists.
The project reflects a decisive shift in national policy, where commercial players are no longer peripheral participants but integral contributors to major space missions.
This development follows confirmation by the China Manned Space Agency that commercial competition will be introduced for future systems, including low-cost cargo transport to the
Tiangong space station and crewed lunar vehicles. This marks a structural change in how China approaches space development, blending state ambition with market mechanisms to open up a
broader industrial ecosystem.
Globally, this trajectory is well established. SpaceX’s Crew Dragon operates routine missions for
Nasa, while reusable rockets have reduced launch costs and accelerated commercial activity in near-Earth orbit. According to a Space Foundation report released last July, in 2024, commercial activity accounted for nearly 80 per cent of the growth of the global space economy, which was valued at US$613 billion and continues to grow.
China’s rapid progress in this arena signals more than technological ambition. It reflects the country’s intention to compete in a global industry where early movers shape standards, capture value and lock in advantages that last for decades. For Hong Kong, this is a moment that demands attention and action. Space development is no longer a distant scientific endeavour. It is an emerging commercial sector whose financing, governance and talent needs align closely with Hong Kong’s core strengths.
Faced with Beijing’s national objective of becoming a space power, Hong Kong should not, and cannot, remain on the sidelines. Participation would not only serve national priorities but also chart a new pathway for industrial upgrading and long-term competitiveness, especially as traditional growth engines face increasing constraints.
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