Hong Kong eyes slice of booming ‘NewSpace’ economy as professional services hub

The Chief Executive’s Policy Unit revealed on Sunday that it had hosted a high-level round table on the space economy last week, inviting academics, investors and experts from mainland China and overseas to discuss Hong Kong’s strategic positioning and opportunities amid a global space economy boom.

NewSpace is an emerging industry that includes private firms involved in satellite manufacturing, launch services, space law, tourism and other commercial ventures concentrated on low Earth orbit – an altitude of 2,000km (1,240 miles) or less.

The unit said the global space economy could signal an era of “explosive industrial expansion”, and China’s 15th five-year plan – under which the country aims to cement its status as a “major space power” – had created a landmark opportunity for Hong Kong.

Chief Executive John Lee Ka-chiu highlighted the sector in his policy address last year, saying Hong Kong had advantages in internationalisation, financing and research.