China is following the lead of the U.S. and Europe and is creating its own GPS system. The move is expected to create a market of $61B/year out of thin air, literally.
In April China put into orbit the eighth Beidou navigation satellite, to be followed by eight more by the end of next year to cover the Asia-Pacific region. The system will ultimately consist of 35 satellites, and makes up the Compass Navigation System
Compass Navigation Satellite System, a Chinese global navigation system, will create a market as big as 400 billion yuan ($61.54 billion) by the end of 2020, the head of China's navigation management office said.
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According to China Daily, an automobile navigation device using compatible Compass and GPS signals can be bought in Beijing for about 10,000 yuan. A highlight is that it can send text messages.
The Compass navigation system has also been applied to weather forecasting since 2010 in a trial program that improved the accuracy of forecasts and significantly reduced costs.
"We plan to put the positioning system into nationwide weather forecasting in 2013 and 2014," said Cao Yunchang, deputy director of the China Meteorological Observation Center.