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Lecture Review | CIDE/AAMA Technology Salon: Jumping into the New Space Economy

 

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A total of 28 teams and 95 students were selected to participate in the competition, among which 6 teams reached the finals to jointly compete for the qualification of the Hult Prize Regional Summit (Asia Pacific Regional Competition). This year's challenge, with the theme of "Food for good" (Transforming Food into a Vehicle for Change), was designed to encourage students from all over the world to find a socially beneficial and profitable business model. The competing teams all put forward their own insights and practical business solutions to the Transforming problem.

On May 22, 2021, AAMA-PRD and the Center Innovation, Design & Entrepreneurship (CIDE) of the Chinese University of Hong Kong (Shenzhen) invited Professor Stephen Cheung, a member of the OASA, and Mr. Hubert Lem, the Vice Chairman of OASA, for a unique technology salon. The salon was broadcast live globally through the Vzan and the CIDE Bilibili platforms. The number of online participants and viewers exceeded 231,200, and simultaneous interpretation in Chinese and English was provided. We shared with elites from all walks of life and space industry enthusiasts from all over the world the layout and development history of the new space economy industry.

Lecture Introduction

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With the ongoing development of space technology and related applications, the era of the space economy has arrived. Space economy includes the products, services and markets created by various space activities, such as space technology and products, satellite applications, space science, space industry, space agriculture, space resource utilization, space energy, space tourism, space culture industry, aerospace support and guarantee services, and other related industries. The emerging space economy is changing every aspect of human life on earth. The space economy has increasingly shown the characteristics of being fundamental, strongly relevant, facilitative and of high growth, and has become an important part of global economic development and human life. China's space industry should lay the industrial foundation for leading the development of the space economy through the leaping development of its space technology and space industry, and ensure that China will have the command of the space power and become increasingly competitive in space.

 

Satellite signals and data play an important role in the function of the digital economy. So far, over 80 countries and regions have registered their satellites in interconnected earths orbits. With the formation of global value chains and the innovation of space systems, space industry investors, start-ups and space pioneers actively participate in the product and service innovation of the new space economy. The new space economy has attracted capital at an exponential rate and has become an ecosystem on a global scale. It is estimated that the size of the space economy in 2021 has reached 420 billion U.S. dollars, and it will be trillion dollars by 2030.

Keynote Speakers

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Professor Stephen Cheung is an adjunct professor in the Department of Physics of the University of Hong Kong. Educated in the US, Prof. Cheung worked as a researcher in a space project at Stanford University after his graduation and later joined a medical equipment company in Silicon Valley. He has held senior positions in American and Hong Kong companies. He has several X-ray patents and has published a book on microwave technology.

 

Dr. Hubert Lem is the Vice Chairman for External Affairs of OASA. Hubert is a lawyer in New York with 25 years of experience in international financial law and legal management. He practiced law at Davis Polk & Wardwell in New York and Hong Kong and worked as a legal counsel at Morgan Stanley Asia. He now works at WSChong & Co. Solicitors as a legal manager. He received his bachelor's degree in science, history, and sociology from the University of Pennsylvania, his master's degree in East Asian studies from Yale University, and his Doctor of Juridical Science (JSD) from the School of Law of New York University.

Lecture Review

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This lecture introduced issues related to the space economy. Firstly, Prof. Stephen Cheung talked about that the space economy is an important part of global economic development and human life. Mankind has entered a new space age, and utilizing the energy and space of the solar system is one of the most possible ways to solve human problems.

 

At the same time, Prof. Stephen Cheung also pointed out that, to meet the conditions of commercialization, cost reduction, infrastructure construction by the government sector and formulation of relevant business laws and regulations are needed. The space industry needs to be built for multiple purposes, and the downstream of the industrial chain, low-orbit economy and earth-moon economy are expected to bring considerable benefits. He also emphasized the development trend of microsatellites.

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In addition, Dr. Hubert Lem also gave us a detailed introduction of what is the space economy and the opportunities and challenges of the space economy today and called for the promotion of a new space economy, new space tourism and the R&D of CubeSat. The new space economy can solve many problems that humans urgently need to solve, such as disaster relief, nuclear fuel tracking, and the digital development of remote areas. He called on young people to seize the opportunities of the new space age, cultivate their interest in new space, and get involved in the building of the new space economy.

 

After Prof. Stephen Cheung and Dr. Hubert Lem shared their insights, the teachers and students of our university showed a strong interest in the topic of the space economy. They communicated with the professors on professional academic topics such as whether outer space might become a suitable place for storing nuclear waste and will CSS become the only space station in the next few years, and the professors gave their expert opinions.

 

The professors also shared their thoughts on how universities in Hong Kong could embrace the era of the space economy and whether people who do not know much about space could work in this field. They hope that, through education, more students can improve their understanding of outer space and study or do research about outer space. The prospects of outer space are endless.

 

We believe that everyone benefited a lot from this lecture and learned knowledge about the economic development of outer space. We are very grateful to Prof. Stephen Cheung and Dr. Hubert Lem for this wonderful lecture. We believe that students have acquired knowledge and inspiration from this lecture, and they will actively participate in future activities with a curious mind and discuss lots of interesting topics together!

Q&A

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After Prof. Stephen Cheung and Dr. Hubert Lem shared their insights, the teachers and students of our university showed a strong interest in the topic of the space economy. They communicated with the professors on professional academic topics such as whether outer space might become a suitable place for storing nuclear waste and will CSS become the only space station in the next few years, and the professors gave their expert opinions.

 

The professors also shared their thoughts on how universities in Hong Kong could embrace the era of the space economy and whether people who do not know much about space could work in this field. They hope that, through education, more students can improve their understanding of outer space and study or do research about outer space. The prospects of outer space are endless.

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We believe that everyone benefited a lot from this lecture and learned knowledge about the economic development of outer space. We are very grateful to Prof. Stephen Cheung and Dr. Hubert Lem for this wonderful lecture. We believe that students have acquired knowledge and inspiration from this lecture, and they will actively participate in future activities with a curious mind and discuss lots of interesting topics together!

 

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