Low-altitude economy sector seeks replicable mode for foreign markets

Companies in China's low-altitude economy are seeking to achieve a sustainable business mode in a bid to rapidly foster the growth of the sector at home and prepare for expansion overseas. 

Industry insiders suggested that a profitable, sustainable and replicable operation pattern is necessary for China's low-altitude economy, which is in a formative stage. Finding such a pattern will help Chinese enterprises along the industry chain participate in overseas markets, especially in Belt and Road Initiative partner economies.

The low-altitude economy refers to cargo and passenger transport by drone or aerial vehicles at elevations of up to 1,000 meters, which has become a vital segment of China's transport system and a new growth engine for the economy, Luo Jun, executive director of the China Low Altitude Economic Alliance, told the Global Times on Wednesday. 

Multiple Chinese start-ups that focus on the research and development of electric vertical takeoff and landing (eVTOL) aircraft have conducted successful trial flights, and Luo predicted that by 2026, some will officially put eVTOL aircraft into commercial use. 

China has 70 percent of the global drone volume, making it the largest drone market worldwide, according to industry data. 

Luo noted that China's market scale for the low-altitude economy is also expected to be the largest.

The low-altitude economy was defined as a strategic emerging industry at the country's annual Central Economic Work Conference in 2023 and written into this year's Government Work Report as a new growth engine. 

Relevant departments and localities have been implementing corresponding policies and plans.

The Global Low Altitude Economic Forum 2024 Annual Meeting will be held in Beijing at the end of October, with invitations being sent to about 1,500 government officials, business leaders and investment agencies.