The undated photo shows the Kuaizhou-11 rocket. [File Photo: qq.com]

China plans to set up a commercial rocket-launch company in view of the market's potential.

China Sanjiang Space Group is preparing to enter the commercial-rocket business with a launch slated for 2017.

The company's chief engineer Hu Shengyun says some Internet companies have expressed interest in collaborating on commercial launches.

The Kuaizhou-11, translated as "fast vessel," rocket is being developed by the Fourth Academy of China Aerospace Science & Industry Corp., a major missile supplier to the People's Liberation Army.

The solid-fuel rocket will be able to place a 1-metric-ton payload into a sun-synchronous orbit at an altitude of 700 kilometers. Prelaunch preparations will take very little time, and the launch can be conducted on rough terrain.