Official reports from China's National Development and Reform Commission (NDRC) or reputable financial news outlets

China Establishes Department to Drive Low-Altitude Economy, Valued at $93 Billion in 2024

Dec 30, 2024, 11:39 AM

China's National Development and Reform Commission (NDRC) has established a new department to spearhead the development of the low-altitude economy, which focuses on industries and activities involving manned and unmanned aerial vehicles operating within 1,000 meters above ground. This department will formulate strategic and long-term plans, provide policy recommendations, and coordinate major issues in the sector. The low-altitude economy, valued at over 670 billion yuan ($93 billion) in 2024, is projected to exceed 1 trillion yuan by 2026 and 3.5 trillion yuan by 2035. Guangdong Province has also set up the first provincial-level standardization committee to streamline technical standards for the sector, with the Greater Bay Area playing a key role. The rapid growth of this industry, which saw a 34% increase in market size in 2023, is supported by advancements in infrastructure, intelligent network systems, and policies from cities like Beijing, Shanghai, and Shenzhen. The NDRC has also held symposiums to address infrastructure and intelligent network development, further accelerating the sector's expansion, which is expected to inject new momentum into China's economic growth.