China's Rival to GPS Technology Is Looking to Go Global
- Stocks linked to the Beidou service rise in Friday trading
- Beidou aims to be a dominating technology in the future
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China’s alternative to the American-owned GPS extended its coverage beyond the Asia-Pacific region with a goal of becoming a dominating technology in the future, spurring gains in shares of related companies.
The service, called Beidou, is now available in some parts of Europe and Africa within China’s Belt and Road initiative, spokesman Ran Chengqi told reporters on Thursday in Beijing. The company, which uses a series of satellites to provide users’ precision positioning with an error of about 10 meters, plans to launch 12 more satellites by 2020.