A new parachute system could reduce the risk posed by Chinese satellite launches from inland spaceports. Earlier this month, the China Academy of Launch Vehicle Technology (CALT) published footage of a parachute system deploying from a spent rocket booster used to help launch a Beidou navigation satellite on May 17. The parachute system is designed to give more control over where the rocket booster lands. The parafoil automatically opens at a set altitude during descent, helping guide the booster back to a predetermined landing area. Related: The latest news about China's space program A Chinese Long March 3B rocket was…