The country's first commercial space industry base will be built in Wuhan, capital of Hubei province, according to an agreement signed on Monday.

The Wuhan National Space Industry Base will focus on the development of carrier rockets and satellites, commercial launch services and applications of satellite data.

The base plans to establish an annual production capacity of 50 carrier rockets and 140 commercial satellites by 2020, said Zhang Di, deputy head of the Fourth Academy of China Aerospace Science and Industry Corp, after a signing ceremony between his company and the governments of Hubei and Wuhan at the Second China Commercial Aerospace Forum.