China's first private rocket takes off

A Chinese based space startup, OneSpace has created history after it became the country's first private company to launch its own rocket.

OneSpace said that it launched its OS-X rocket, measuring 9 meters tall successfully took off from a base in north-western China.

The startup company has tied up with the Aviation Industry Corporation of China, a state-owned company to collect data for a research project for this mission.

CEO and founder of OneSpace Shu Chang told CNNMoney, before the launch of the rocket, "This is the first rocket developed and built entirely with homegrown technology. OneSpace's situation right now is very much like where SpaceX stood in its early years. SpaceX is the first in the US. We're the first in China."

Although OneSpace is a private space company, it does have a tie-up with Chinese government authorities.

The startup works with Chinese military institutions on research and development and technical services. It also has a manufacturing plant, partly owned by the local government in the southwestern city of Chongqing.

Launched in 2015, OneSpace aspires to use its rockets to help other companies launch smaller satellites for various uses, such as improving internet access in flights and trains.

The Chinese space startup is also planning to launch a series of rockets, which according to them "could help halve the cost of satellite launches."

OneSpace faces competition from other startups in China such as LandSpace and LinkSpace, who are working on their own rockets respectively.

According to Chang, his company's ultimate goal is to "make space accessible to ordinary people."

"Someday, the company would like its rockets to be able to take humans to space, but for now, it needs to stay practical," he said.