China has agreed to build the country’s first commercial satellite with an estimated price tag of $3 billion, the countrys top official said Wednesday.
The announcement came a day after the National Space Administration said China will spend $3,521 million on the Sichuan Satellite Launch Vehicle.
China’s official Xinhua news agency reported that the satellite would be placed in a launch vehicle that would be assembled at a plant in the central province of Shandong.
The launch vehicle is designed to carry a satellite into geosynchronous transfer orbit, which is one of the three major orbits for space missions.
The rocket is also expected to be capable of delivering up to 50 metric tons of cargo to the International Space Station.
China will also spend $1.8 billion on building and operating the Sohu rocket, which will be capable with a payload of up to 20 metric tons, Xinhua reported.