Private firms race to build carrier rockets

The research and development of carrier rockets is a major sign of a space-faring nation's capability and had been long dominated by government-backed giants around the world.

However, in the wake of emerging business opportunities, the United States and China have realized that it is necessary to introduce new players to stimulate innovation and competition and to fill in market gaps left by established contractors.

As an important part of his endeavor to strengthen China's space industry, President Xi Jinping has requested that the long insulated industry should open its doors to private enterprises and take advantage of their participation to boost sustainable growth.