Two months ago, a Chinese rocket company sent its commercial rocket into the Earth's orbit, becoming the first Chinese private firm to achieve so.

Beijing Interstellar Glory Space Technology Ltd., also known as iSpace, launched Hyperbola-1 from Jiuquan Satellite Launch Center on July 25.

CGTN digital sat down with iSpace's vice president Cai Jingqi to talk about the Chinese private space industry.

"Actually the business model is quite simple. It's like a delivery," Cai explained on how the private space business works. "We deliver cargo into space."

iSpace is a privately funded rocket company trying to supply its own rockets and products to both Chinese and global customers, she said.

"If you ask me how big the (private space) market is, I'd say it's huge," said Cai, adding that the space-related business is more than 350 billion U.S. dollars, according to the data from Morgan Stanley, a figure expected to triple by 2040.

In recent years, Chinese private space companies have marched into a field long dominated by state-owned giants. A market report showed that China had seen over 100 registered private companies in the commercial space industry by the end of 2018.

The rapid growth has been possible thanks to the government's efforts to foster the commercial space sector and encourage participation from private companies.

Cai thinks state-run companies and private companies can get along well in the aerospace field.

"I think their (state-run rocket companies') main obligation is to launch vehicles for the national tasks as well as political tasks… so I think we are in different tracks," she said. "It's not a competition. It's a complementation."

Even though the price for rocket or "rocket delivery" is still expensive, Cai believes ordinary people will be able to afford them one day.

"We're trying our best to lower the cost of the rocket," she said.

Cai noted they have already carried a car model into space, and will hopefully send a real car soon, "maybe one day people can send a picture, a car, or just some memories to the space." 

Cai believes that may happen in the near future.