Chinese banks join the space race with satellite launches and rocket backing
AI Summary
Chinese banks are increasingly investing in space assets, including leasing satellites, funding rocket companies, and launching their own spacecraft. China Merchants Bank (CMB) and Shanghai Pudong Development Bank (SPDB) both launched satellites in January 2026 from Shandong province, with CMB's being its third. Ping An Bank launched its third satellite in August 2022. Unlike banks in other countries that purchase satellite imagery, these Chinese lenders are putting satellites into orbit under their own names. This initiative aims to track market dynamics, strengthen risk management, and offer precise financial products. These actions align with China's broader strategy to develop commercial aerospace as a new source of economic growth amid a slowing economy and geopolitical tensions.
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