CRI听力:China is expected to become mainstay of global aerospace industry

An insiders' report has predicted that in the next five years, there will be continuing growth in the global commercial aerospace sector, and China is becoming a major force in the development of the space industry.

The sixth China Space Forum has been held in Beijing. The international satellite market consultancy Euroconsult released a report on the global space industry at the forum. Euroconsult CEO Pacome Revillon said that he was impressed with the passion young Chinese people have for the space industry.

"A lot of comments about they need to increase the international presence and cooperation. We appreciate all of the progress of some Chinese organizations at different levels with large volume of talents including young impressive talents, a lot of young talents and energy, and passionate people about space activities."

In recent years, Chinese government has been encouraging private enterprises to engage in the industry. He Xing is the vice president of China Great Wall Industry Corporation. He said that capital investment into both traditional companies and start-ups has improved the business environment for the sector.

"Both traditional companies and start-ups value the market opportunities, and support China's commercial aerospace development. Domestic commercial aerospace companies have nearly covered the whole industrial chain, including satellite design and development, and the commercial application of rockets."

Euroconsult also released another report at the forum, which looked at the future prospects of the satellite service sector. The report shows that over 80 percent of global aerospace investments are from U.S., China, Russia, Japan and the EU. The Euroconsult CEO said that against this background, he encourages China's commercial aerospace sector to step gradually into the global market.

"And from the standpoint of the commercial sector in China, we're in that first phase of development for many companies, but is where as well for more international parts, I believe that cooperation between established organizations on the market in the country, and the Chinese commercial play would be required to accelerate to growth."

The global aerospace industry was valued at around 384 billion U.S. dollars last year, of which about 80 percent was in the commercial aerospace sector.