Development plans being drafted for Beidou navigation

China's National Development and Reform Commission is drafting mid- and long-term development plans for the Beidou navigation satellite industry that are to be released soon, China Securities Journal reported.

China has been accelerating research and development of new technology on the Beidou navigation satellite system and promoting its applications in sectors including transportation, fisheries and agriculture in recent years.

It's estimated that the Beidou system will occupy 70 to 80 percent of the domestic satellite navigation industry by 2020 and the value of the Beidou navigation industry will reach 400 billion yuan ($65.3 billion) by that time.

The main aim for the industry's long-term development is to promote applications in the civil and public service sectors, according to the report.