CHONGQING -- China's first global mobile satellite communication and internet space project via low earth orbit (LEO) satellites has been launched in southwest China's Chongqing Municipality.

The project has drawn an investment of about 20 billion yuan (about $2.9 billion) for its first phase, making it the largest investment for a single commercial aerospace program in China, according to the China Aerospace Science and Technology Corporation, which co-founded a company in charge of the project.

The project features hundreds of LEO satellites and a global data processing center, which can help realize global two-way communication in real time under complicated geological conditions 24 hours a day upon completion.

The project is expected to boost development of other sectors, including chips, terminals, system integration, operations and training of talent, said a source of China Aerospace Science and Technology Corporation.