The China Hi-Tech Fair was held in Shen Zhen from November 16 to 21, 2012. The Shen Zhen Beidou Navigation Application Alliance was officially announced at the fair. Based on the estimates from the Shen Zhen Institute of Advanced Technology of the Chinese Academy of Science, the monies spent on the domestic production of its satellite navigation system will exceed 200 billion yuan (US$32 billion) by 2015.
According to the president of the Shen Zhen Institute of Advanced Technology of the Chinese Academy of Science, the development of the Beidou Navigation System broke the GPS monopoly and will be a significant strategic benefit to China. It was reported that the Beidou Navigation Application Alliance will achieve the development and industrialization of the Beidou navigation system in the following four areas: core components, application platform, smart phone, and an auto service terminal.
Source: Huanqiu, November 17, 2012