Visitors view a model of China's Beidou Navigation Satellite System at the 20th China Beijing International High-tech Expo in Beijing, July 31, 2020. (PHOTO / XINHUA)
Beidou, China's answer to the US-owned GPS navigation system, will back domestic products and related services worth 1 trillion yuan (US$156.22 billion) by 2025, the official Xinhua news agency said on Wednesday.
The homegrown Chinese navigation network, completed in June 2020, looks to offer an alternative to the Global Positioning System (GPS) run by the US Air Force, spurring further growth in the domestic satellite market.
Related Beidou products have been exported to about 120 countries, serving more than 100 million users worldwide, according to Xinhua news agency
China's satellite navigation industry has been growing at a rate of over 20 percent in value on average each year to exceed 400 billion yuan in 2020, Xinhua reported, citing data presented at an industry conference in the southern province of Jiangxi.
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Since last June, shares of some Chinese firms in the sector have chalked up big gains, with Beijing BDstar Navigation gaining 36 percent on the Shenzhen bourse.
China has also pushed for use of the Beidou system overseas, including in countries participating in its Belt and Road Initiative.
Related Beidou products have been exported to about 120 countries, serving more than 100 million users worldwide, according to the news agency.
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Last year, China said 28-nanometer chips that enable mobile devices to receive signals from the Beidou system were in mass production, and mass manufacturing of high-precision 22-nanometer positioning chips would soon begin.
Beidou products, such as chips and modules, are comparable to similar products in other navigation systems, Xinhua reported.