“Aerospace Dongfanghong（East Is  Red ） Satellite Co.， Ltd."， hi-tech enterprise jointly funded by China  Aerospace Science and Technology Corporation and the Chinese Academy of  Space Technology， was formally inaugurated in Beijing on August 18 ，  according to today's People's Daily.

    An important measure taken by China Aerospace Science and Technology  Corporation in furthering the reform and adapting to the development of  the market economy， the company will help in bringing about an organic  combination ， application and advancing industrialization of small manmade  satellite technology， market and capital in China.

    Wu Bangguo， member of CPC Political Bureau and vice premier of the  State Council ， said in his letter that founding of Dongfanghong is a  favorable probe into efforts to develop aerospace technology and industrialization  of manmade satellites in face of fierce market competition after China's  entry into the WTO.

    Satellites with a weight of no more than 1000 kg are generally known  as small satellites in international aeronautics circle. It is noted for  thick functioning density ， short developing cycle ， low costs， etc.  Presently many countries are making efforts for developing small satellites  that have helped reap huge economic benefits in mobile communication and  natural resources exploration. Since China launched its first manmade  satellite "Dongfanghong （East Is Red ） I" in 1970 ， the Chinese Academy  of Space Technology has succeeded in launching various types of satellites，  including nine small manmade satellites. These small manmade satellites，  especially the small one "SJ-5" launched in 1999， has helped advance  China to the world's front rank in developing small manmade satellites.