Industries based on the BeiDou Navigation Satellite System (BDS) are likely to see their scale top 1 trillion yuan (about 144.9 billion U.S. dollars) in five years, according to China's National Development and Reform Commission (NDRC). Currently, the BeiDou Satellite Navigation System has entered a phase of rapid development featuring market operation, industrial application and international cooperation.
BeiDou's high-precision services are employed across various fields, including transportation, logistics, agricultural machinery, and deep-sea fishing. Additionally, its short message service offers a reliable backup for emergency response and disaster relief.
The NDRC stated that during the 15th Five-Year Plan period, China will continue to implement the project for large-scale application of BeiDou and strive to expand the Beidou industry's scale to exceed 1 trillion yuan within five years.
In the future, China will continue to foster the development of new BeiDou technologies and products, implement major projects for the large-scale application of BeiDou by expanding its use in consumer markets, public services, and emerging fields such as autonomous driving, the low-altitude economy, and intelligent robotics, as well as enhance the quality of international services to provide secure and user-friendly public services to more countries around the world.
China's BeiDou industries to exceed 1 trillion yuan in 5 years
China's BeiDou industries to exceed 1 trillion yuan in 5 years
China's Minister of Commerce Wang Wentao outlined the key priorities of the 32nd Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting, which opened on Friday in Suzhou, East China's Jiangsu province.
In an interview with CGTN ahead of the two-day meeting, Wang said free trade, digital cooperation and green economy are high on the agenda of the meeting.
"The key areas include advancing regional economic integration and the Free Trade Area of the Asia-Pacific, supporting the World Trade Organization (WTO) in strengthening digital cooperation and developing green economy. At present, the international situation is marked by intertwined turbulence and chaos, with intensified geopolitical instability. The rise of unilateralism and protectionism poses serious challenges to the international economic and trade order, disrupting global and Asia-Pacific development. Against this backdrop, all parties have higher expectations for this trade ministers' meeting, hoping that it can build consensus and deliver outcomes," Wang said.
This year marks China's third time hosting the APEC meetings and the 35th anniversary of its membership.
By 2025, China had become the largest trading partner of 13 APEC economies. Trade between China and APEC economies reached 3.7 trillion U.S. dollars, accounting for 57.8 percent of China's total foreign trade.
China has signed 24 free trade agreements or economic and trade arrangements with 31 countries and regions, including 15 APEC economies. In recent years, China has also completed upgrades of free trade agreements with APEC economies such as Singapore and Peru.
The minister said that China has always been a firm supporter and an important contributor to APEC.
"We have actively shared our vast market and development opportunities with all parties. China's door to the world will only open wider and wider. Facing the common challenges, China will continue to fulfill its responsibilities as a major country, further deepen reform, expand high-standard opening-up, and continue to provide new opportunities for the Asia-Pacific region and the world with its new achievements in Chinese modernization," the minister said.
China's Commerce Minister outlines priorities for 32nd APEC trade ministers' meeting
