China aims to snatch 20 percent of the world's space business by 2015, the president of the nation's sole satellite launch contractor said Thursday.

The expected use of high thrust satellite launch vehicles in 2015 will meet customers' various needs, said Yin Liming, president of China Great Wall Industry Corporation (CGWIC) in Xichang, in southwest Sichuan Province, where most satellites in China are launched.

He said CGWIC is willing to cooperate with other countries on aerospace development. The company is researching providing tailored services to meet the needs of different countries and projects.

Hao Zhaoping, deputy head of the China Academy of Launch Vehicle Technology, said China's Long March Series rocket boasts reliable quality and a reasonable price, with 94 percent of satellite launches via the rocket successful.

He said research on the Long March 5, the latest model of its series, is proceeding smoothly.

China has launched 36 commercial satellites since 1990, when it started the program.

It has signed five satellite export contracts with foreign countries since 2007 and two satellites have entered into orbit.