The Chinese government made a key decision in 2014, known as "Document 60," that allowed native companies to license government technology and for private capital to be used to build civilian space infrastructure. In return, private companies and academics must share new technology with the military when so ordered.

The report makes a number of key findings about growth over the past decade:

• Annual investment in Chinese commercial space activity has grown from $164 million in 2016 to $2.86 billion last year.

• China now has six operational spaceports and is scaling up its ground systems to rival SpaceX and other international launch competitors.

• More than a dozen private launch companies, many building medium-lift vehicles akin to the Falcon 9, have raised more than $3 billion since 2020.

• China's "Silk Road" initiative has led to more than 80 space projects abroad in satellite manufacturing, ground stations, data sharing, and more, thereby eroding US influence.

• The Tiangong space station is poised to take over as the world's primary hub for activity in low-Earth orbit after the International Space Station is retired in 2030.

• Unlike NASA's perpetually delayed Artemis program, China continues to hit milestones on its roadmap for lunar and Mars exploration.

• China has developed regional hubs in Shanghai, Beijing, Chengdu, Xi’an, Guangzhou, Jinan, and elsewhere to bring academic, government, and private researchers together.