The space industry has become a truly global effort, no longer the exclusive domain of superpowers but an arena in which over 70 nations now participate. Nearly 100 countries have launched satellites, and emerging nations are developing their own programs and commercial space industries. This, combined with private-sector growth, has transformed space into a multitrillion-dollar industry, driving innovation, economic opportunity, and societal change.

China leads the transformation with significant achievements in lunar exploration, ongoing space station activities, and Mars missions that are redefining global space leadership. In this swiftly changing landscape, the Guangdong-Hong Kong-Macao Greater Bay Area is emerging as a hub for NewSpace entrepreneurship. For Hong Kong, the challenge lies in shifting from a minor supporting role to becoming a leading player in the global space economy.

China’s rapid ascent as a spacefaring nation has been extraordinary. In less than five years, it has reached milestones that enhance its global standing. The Chang’e 5 mission in 2020 returned moon soil to Earth, a feat previously only achieved during the Apollo program. By 2024, the Chang’e 6 mission went even further, collecting 1,935 grams of lunar samples from the far side of the moon, an unparalleled scientific and technological achievement. These missions not only advance research but also showcase China’s ambition and determination.

Similarly, the Tianwen 1 Mars mission, which successfully deployed a rover on the Red Planet, established China as the only nation apart from the United States to achieve such a feat. The upcoming Tianwen 2 asteroid-sample return mission emphasizes China’s goal to advance scientific boundaries while exploring strategic space resources. Central to these efforts is the Tiangong space station, whose core module was launched in 2021. It stands as a testament to China’s innovation and capability in long-duration crewed missions.

Hong Kong’s contribution to these achievements has been modest but significant. Institutions such as the Hong Kong Polytechnic University (PolyU) and the Hong Kong University of Science and Technology (HKUST) have played crucial roles in connecting local expertise with national ambitions. PolyU’s advanced equipment for the Chang’e missions, including surface-site analysis and the Mars lander-camera design, showcases a strong record in planetary science and hardware development.

HKUST has also demonstrated its strengths by assembling international teams for the Chang’e 8 mission, showcasing its ability to gather regional and global talent. Investments in initiatives such as the Hong Kong Space Robotics and Energy Center indicate a growing commitment to planetary and lunar research. Institutions like the University of Hong Kong are emerging players in this competitive ecosystem, highlighting Hong Kong’s capacity to punch above its weight in global space research.

As the Chinese mainland advances in space exploration, Hong Kong must choose whether to follow or to lead. The decision is straightforward. For the Hong Kong of tomorrow, the only question is: How high will it dare to reach?

An inspiring example of Hong Kong’s potential is Lai Ka-ying, the city’s first female astronaut. Her upcoming mission as a payload specialist aboard the Tiangong space station in 2026 marks both a personal and historic milestone. Her story highlights the importance of coordinated talent development and emphasizes the need for seamless academic-to-industry pathways to elevate Hong Kong’s role in the space economy.

While Hong Kong has made strides in the low-altitude economy (LAE), the broader space economy holds far greater potential. With two satellite operators, AsiaSat and APStar, primarily serving overseas markets, Hong Kong’s strategic location and infrastructure remain underutilized by the government for developing a robust domestic space economy.

Globally, the space sector is projected to be worth $1.8 trillion by 2035, covering satellite manufacturing, launch services, Earth observation, and advanced downstream applications that affect almost every industry. Engaging with the space economy offers opportunities across finance, legal services, artificial intelligence, materials science, and more. Even LAE technologies depend on robust space infrastructure, emphasizing the need for an integrated, forward-looking policy approach.

Hong Kong is uniquely positioned to thrive in this sector. Its sophisticated financial markets, international legal expertise, and proximity to Greater Bay Area innovation hubs create a solid foundation for a vibrant NewSpace ecosystem. However, progress remains fragmented without a centralized strategy or strong cross-sector collaboration.

Now is the moment for the Hong Kong Special Administrative Region government to recalibrate by integrating LAE into a wider, coordinated space economy strategy, strengthening partnerships within the Greater Bay Area, and fostering industry-academic collaborations. By raising its space ambitions, Hong Kong can unlock considerably greater economic value and position itself as a true leader in the new era of global space innovation.

Positive energy for Hong Kong’s space ambitions can be found in initiatives such as the Orion Astropreneur Space Academy (OASA), a nonprofit dedicated to nurturing leaders and entrepreneurs for the NewSpace economy. OASA supports startups, professionals, and new entrants through action-based programs like SpaceBiz Dialogues, which identify use cases for new space economies. It also promotes STEAM education through initiatives like the Young Marco Polo Programme and CubeSat missions. However, funding remains a challenge; with greater financial support, OASA could amplify its impact.

To secure a leadership role in the global space economy, Hong Kong must adopt bold and coordinated measures. Establishing a dedicated space agency would be a vital first step. This agency could serve as a center for investment, regulation, and collaboration between academia and industry, ensuring policy coherence and prioritizing research and development.

Hong Kong should also leverage its existing strengths, such as satellite finance, insurance, legal arbitration, logistics, and data analytics. By attracting private investment and supporting startups, the city could attract established firms and relocate international headquarters. Accelerators at institutions like HKUST, PolyU, and OASA could help top talent transition from idea to market, fostering a strong ecosystem for space-based innovation.

More transparent grant programs, faster regulatory approvals, and incentives for both local and international startups are essential. Hong Kong needs a bold, homegrown moonshot project — a comprehensive plan to position space commerce as a vital part of its long-term economic strategy.

The ingredients for success — talent, capital, world-class education, and a strategic location — are already in place. What is needed is a collective sense of urgency and a bold, actionable vision. Hong Kong has the opportunity, and arguably the obligation, to integrate NewSpace business into its economic identity.

As the Chinese mainland advances in space exploration, Hong Kong must choose whether to follow or to lead. The decision is straightforward. For the Hong Kong of tomorrow, the only question is: How high will it dare to reach?

The author is an international partner and member of the Global Advisory Board, Millenium Associates AG.

The views do not necessarily reflect those of China Daily.