China Launches Starlink Rival

China has launched its first 18 satellites as part of a major initiative to establish a satellite network that aims to compete with Elon Musk's Starlink. The launch, conducted by Shanghai Spacecom Satellite Technology, took place at the Taiyuan satellite and missile launch center. This initiative, known as the "Thousand Sails Constellation," is intended to create a network of 15,000 Low Earth Orbit satellites by 2030. The project is part of a broader effort by the Chinese government to enhance its technological self-reliance and reduce dependence on foreign technologies. Alongside the Thousand Sails Constellation, two other major satellite networks are planned, which will collectively deploy an additional 23,000 satellites. The Chinese space industry is projected to be worth $321 billion by 2024, reflecting the significant investment and interest in commercial aerospace. The launch has also positively impacted commercial aerospace stocks, which experienced maximum daily price increases following the event.

- China has launched 18 satellites to create a network rivaling Starlink.

- The initiative aims to deploy 15,000 satellites by 2030.

- The project is part of China's strategy for technological self-reliance.

- Two additional satellite networks are planned, totaling 23,000 more satellites.

- The Chinese space industry is projected to reach a value of $321 billion by 2024.