Beidou, China’s answer to the US-owned GPS navigation system, will back domestic products and related services worth RMB 1 trillion ($156.22 billion) by 2025, reported Xinhua.
The figure was revealed by Yang Jun, deputy director of China’s Satellite Navigation System Management Office, at the three-day 12th China Satellite Navigation Conference that opened Wednesday in Nanchang, capital of east China’s Jiangxi Province.
China’s satellite navigation industry has been growing at a rate of over 20% in value on average each year to exceed RMB 400 billion in 2020, Xinhua said, citing data presented at an industry conference in the southern province of Jiangxi.
China has also pushed for use of the Beidou system overseas, including in countries participating in its Belt and Road initiative, a global infrastructure development and trading network promoted by President Xi Jinping. Related Beidou products have been exported to about 120 countries, serving more than 100 million users worldwide, the news agency said.