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A Chinese firm's answer to Elon Musk's Starlink just launched its first satellites for the thousands-strong network Beijing plans to build

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Shanghai Spacecom Satellite Technology launched its first 18 satellites on Monday .

The company has dubbed the project the "Thousand Sails Constellation " It's one of three planned major satellite networks in China .

China 's space industry is expected to be worth $321 billion in 2024 , according to the China Securities Journal .