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This Aviation Week story provides a detailed update on China’s effort to build a new family of Long March rockets that are less expensive to operate and can effectively compete with SpaceX.
Two main take-aways from the article. First, the first flight of the Long March 7, a direct competitor with the Falcon 9, has been seriously delayed. Originally expected to fly in 2013, that first flight has apparently been pushed back to 2015.
Second, even with extensive cost savings, the Long March 7 will still cost a customer more than a Falcon 9, $70 million vs $61 million.