At a crucial juncture as China's 14th Five-Year Plan concludes and its spacefaring strategy is fully implemented, my country's commercial space industry is rapidly advancing towards a new stage of large-scale and industrialized development. Recently, Shanghai Yuanxin Satellite Technology Co., Ltd. (hereinafter referred to as "Yuanxin Satellite") successfully launched its VDES (Vehicle Digital Communication System) test satellite from the Jiuquan Satellite Launch Center and entered its predetermined orbit. This launch marks a significant step forward in my country's construction of a global ocean-based satellite communication constellation.
The Transportation VDES constellation system is a key scientific research project in Shanghai, jointly undertaken by the China Transport Telecommunications Information Center and Yuanxin Satellite under the guidance of the Maritime Safety Administration of the Ministry of Transport. It aims to deepen the integration of maritime supervision and services and empower the construction of a strong transportation nation. Behind this significant progress lies not only the arduous efforts of aerospace technology companies but also the precise support and continuous empowerment from financial resources.
As early as the initial stage of Yuanxin Satellite's Qianfan constellation, Shanghai Rural Commercial Bank provided a credit line of 3 billion yuan based on its assessment and judgment of the technological value and track potential. The bank focused on supporting the company's comprehensive funding needs throughout the entire life cycle of technology research and development and satellite launch, including the research and development funding for Yuanxin Satellite's VDES test satellite for transportation. This reflects the bank's foresight and initiative in serving the real economy and safeguarding national strategies.
As a financial institution rooted in Shanghai and serving the real economy, Shanghai Rural Commercial Bank focuses on the needs of the nation, sets its strategic vision on the "space sky," and makes forward-looking plans, establishing commercial aerospace as a key service area. Through comprehensive financial services covering the entire chain and cycle, it helps Chinese enterprises venture into space and deeply integrate into the national aerospace development strategy.
With the steady achievement of the "14th Five-Year Plan" goals, commercial aerospace will usher in even broader development opportunities during the "15th Five-Year Plan" period. Shanghai Rural Commercial Bank will continue to deepen industry research, optimize financial products and service models, and focus more on providing professional and customized comprehensive financial solutions for all aspects of the commercial aerospace industry chain. This will solidify the foundation for financial services to support technological innovation and industrial upgrading, allowing us to move forward hand in hand with Chinese commercial aerospace companies and contribute solid financial strength to accelerating the construction of a space power and building an independent and controllable space infrastructure.
