Yantai to expand commercial rocket market

Yantai, a coastal city of Shandong province will construct a manufacturing complex that will be capable of producing 20 solid-propellant rockets each year.

The project is a joint effort by the government of the city of Haiyang, administered by Yantai and ChinaRocket Co, a commercial aerospace company affiliated to the Bejing-based China Academy of Launch Vehicle Technology.

The two sides signed a cooperation agreement on the project on Dec 2. The complex, with an investment of 23 billion yuan ($3.5 billion), will be built in Haiyang, officials said.

It is intended to facilitate sea-based launch missions and nurture local space-related industries in Shandong province.

The complex will be developed into a high-tech commercial aerospace industrial cluster in five years which integrates R&D, manufacturing, launches, applications, support facilities and cultural tourism.

An industrial hub in Shandong, Yantai is aspiring to develop a space industry to tap the rapidly expanding market for commercial space. The city government said its goal is to build Haiyang into a "home port for space activity".