Soon, ownership of a rocket or satellite may no longer be just a dream in China. The nation’s first commercial-use aerospace industrial base has vowed to provide the global and domestic market with 50 carrier rockets and 100 commercial-use satellites every year by 2020.

The industrial base in central China's Wuhan city, officially opened on Sept. 12 by local authorities, together with the China Aerospace Science & Industry Corp. (CASIC), is expected to yield an annual output value of 30 billion yuan by 2020. The base's annual manufacturing capacity will be 50 carrier rockets and 40 commercial satellites of less than 100 kilograms, plus another 100 weighing more than 100 kilograms, according to CASIC. The project was approved by the National Development and Reform Commission on Aug. 5.

“The project's approval marks a new phase for China’s commercial-use aerospace industry development. CASIC is ready to make its contribution in this regard,” said Gao Hongwei, CASIC chairman, in a speech at the signing ceremony.

Gao also said that CASIC will promote the development and construction of aerospace projects including a drone-based cloud network and a near-space, airship-based local cloud network. An industry fund has been established with an initial investment of 10 billion yuan.