In a recent CCTV-2 broadcast, experts discussed the progress and future of China's Beidou satellite navigation system. Professor Yu Wenxian, a key figure in the industry and chief scientist at the Beidou West Hongqiao Park, shared his vision for the industry to reach 1 trillion-yuan ($972.37 billion) scale by integrating with other technologies.
Since its founding in 2013, the Beidou West Hongqiao Park in Shanghai — also known as the China Beidou Industrial Technology Innovation West Hongqiao Base — has grown significantly, with its output value topping 10 billion yuan and maintaining a 30 percent compound annual growth rate.
Yu outlined a three-step strategy for the base's development:
1. Raising public awareness: Initially, there was limited understanding of satellite navigation. To change this, the base launched the "Beidou Family" initiative in 2015, educating tens of thousands annually about Beidou's capabilities.
2. Expanding market opportunities: As chip costs decrease, Beidou is set to enter major markets like automotive and mobile devices. The base is also exploring international markets, with companies like Huace Navigation seeing 30 percent growth in overseas business.
3. Fostering innovation: Despite global economic challenges, the Beidou industry remains strong. The base's development model — that combines R&D, industry support, strategic capital and specialized parks — aims to overcome challenges like data silos and fragmented standards.
Professor Yu's vision emphasizes innovation and collaboration to propel the Beidou industry towards significant growth — highlighting its expanding role in global technology sectors. His prediction also indicated tremendous opportunities for the base's future growth.
The Beidou West Hongqiao Park in Shanghai. [Photo/Beidou West Hongqiao Park]
