Abstract: UNIDROIT is drafting the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Space Assets, so as to regulate the space assets finance in the forms of title retention, asset-backed security or lease. Although discussing for ten years, participants are disputing on the definition and scope of space assets, the limitations on default remedies for space assets that provide public service, and the relationship between the protocol and the UN outer space treaties. Delaying the lawmaking process, these disputes explicitly reflect the game play of the states on the one hand, and the conflicting interests between the creditor and the state on the other hand. China has participated in the drafting work actively. However, China-s substantive and procedural rules regulating the satellite industry are far from the need of space commercialization.