Shanghai released a policy paper setting a goal to cultivate its metaverse-related industry to a total value of 350 billion yuan (US$52 billion) by the end of 2025.
See related article: Hong Kong gears up for its first metaverse ETF
Fast facts
- The paper aims to cultivate more than 100 companies with cutting-edge technical knowledge in metaverse-related sectors such as (virtual reality) VR headsets, chips, software for three-dimensional designs, cloud computing, and fifth-generation radio waves (5G).
- At the 2022 Shanghai Global Investment Promotion Conference in mid-June, city authorities said they will set up a fund of over 10 billion yuan to boost metaverse-related industries, according to local media reports.
- China’s southeastern province Guangdong also released a detailed policy document Digital Economy Development Guidelines 1.0 on Friday, in which VR and blockchain are two of the key sectors to support, according to local media.
See related article: China’s zero-Covid policy realigning global economy, financial markets
