BEIJING, May 26 (Reuters) – Beidou, China’s response to the U.S.-owned GPS navigation system, will support domestic products and related services worth 1,000 billion yuan (156.22 billion yuan dollars) by 2025, the state-run Xinhua news agency said on Wednesday.
The Chinese navigation network, completed in June 2020, seeks to offer an alternative to the Global Positioning System (GPS) managed by the US Air Force, thereby stimulating the growth of the domestic satellite market.
China’s satellite navigation industry has grown by more than 20% in value on average each year to exceed 400 billion yuan in 2020, Xinhua said, citing data presented at a conference. industry in southern Jiangxi province.
Since last June, shares of some Chinese companies in the sector have posted big gains, with Beijing BDstar Navigation (002151.SZ) gaining 36% on the Shenzhen Stock Exchange.
China has also aggressively lobbied for the use of the Beidou system abroad, including in countries participating in its Belt and Road Initiative, a global infrastructure and trade development network promoted by President Xi. Jinping.
The related Beidou products have been exported to around 120 countries, serving more than 100 million users worldwide, the news agency said.
Last year, China said 28-nanometer chips for mobile devices to receive signals from the Beidou system were in mass production, and mass production of 22-nanometer high-precision positioning chips would begin soon.
Beidou products, such as chips and modules, are comparable to similar products in other navigation systems, Xinhua said.
($ 1 = 6.4012 yuan Chinese renminbi)
Reporting by Liangping Gao and Ryan Woo; Editing by Clarence Fernandez and Devika Syamnath
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