A Chinese version of spaceX? Meet China's private rocket maker the Galactic Energy

China's private space industry is taking off.

Galactic Energy, a 7-year-old commercial rocket company, has secured its foothold in the market with breakthroughs in low-cost launch solutions.

The firm has already completed 19 successful launches, deploying 81 satellites for 25 clients, and setting a record as China's first private company to achieve consecutive launch successes.

By applying 3D printing technology, the firm has slashed the time it takes to manufacture a rocket engine from six months to just one, and have slashed costs by 90 percent.

And when it comes to design, the company's breakthrough four-stage integrated rocket eliminates unnecessary structural weight, which maximizes payload efficiency, and once again, reduces costs.

Galactic Energy currently flies its CERES-1 carrier rockets and is developing the CERES-2, which is expected to conduct its first flight in late August.