Chinese proactive space policy is having an increasing impact on the current state of affairs related to space exploration in the Asian region. This includes the establishment of the Asia-Pacific Space Cooperation Organization (APSCO) and the promotion of its activities as an alternative to the already existing Asia-Pacific Regional Space Agency Forum (APRSAF), which was created by Japan, as well as the development of a wide range of initiatives and projects for the space industry within the Belt and Road Initiative (BRI).The purpose of this article is to compare the two main regional space governance frameworks presented by China and Japan, identify their differences and potential points of convergence, consider the role of the BeiDou Navigation Satellite System (BDS) as an interlink in the Belt and Road Initiative Space Information Corridor (BRISIC), and evaluate the prospect of a possible space race between the three key space actors in the Asian region, which are China, Japan, and India.The processes that are taking place at the regional level cannot be labeled a space race in the traditional sense (compared to the first space race during the Cold War), since all three "space giants" of the region are guided by their respective national development priorities. There is an understanding that China satisfies all of the requirements that should be met by a space power more effectively than any other nation in the region. In this way, the aspect of rivalry brings a healthy spirit of reasonable competitiveness without a tough ideological or military confrontation.