As China transitions to hi-tech-driven development, one of the most promising emerging sectors is the low-altitude economy. Defined as the economic use of airspace below 1,000 meters, this sector is unlocking an entirely new physical and economic space for development, poised to revolutionize logistics, transportation and tourism.

The market value of China's low-altitude economy reached 505.95 billion yuan ($70 billion) in 2023, up 33.8 percent year on year, and is expected to surpass 1 trillion yuan ($137 billion) by 2026, according to a report by market research firm CCID Consulting.

Drones, at the forefront of this revolution, have greatly enhanced delivery efficiency, especially in remote areas where traditional logistics faces challenges. Electric vertical takeoff and landing aircraft, which can serve as taxis and family vehicles, are now available for sale, turning the dream of flying cars into reality.

In agriculture, drones facilitate precision farming, including targeted pesticide application and crop monitoring, helping reduce economic and environmental costs and increase yields. Furthermore, drone technology aids in disaster management, providing rapid assessments and delivering essential supplies to affected areas.

The low-altitude economy is also becoming a catalyst for innovation in tourism. China's diverse geography, from the Great Wall, which spans the northern mountains, to the limestone karst landscapes of the south, is often best appreciated from the air. Scenic flights and aerial photography deliver novel experiences for tourists, while providing new revenue streams for local communities. 

The expansion of the low-altitude economy necessitates the development of infrastructure such as take-off and landing facilities. These developments require collaboration between the government, enterprises and research institutions.

China's airspace has been under strict regulation, and only with the government's opening of low-altitude airspace can innovative applications be put into use. This regulatory evolution is fundamental for unleashing the economic potential inherent in low-altitude activities. Regulatory frameworks must balance innovation with safety and privacy concerns. Clear guidelines for airspace use and sound air traffic control systems are imperative.

The low-altitude economy holds immense promise for transforming multiple industries, spurring growth and improving quality of life. As the skies open up, so do the possibilities for a dynamic economic landscape.