September 11, 2023

China Develops Domestic Metaverse, Aims To Support 5 Metaverse Firms

Metaverse in China

Metaverse in China

China has announced its plan to develop a domestic metaverse by 2025 through artificial intelligence, blockchain, and virtual reality technologies.

The goal is to cultivate three to five metaverse companies with global influence and build three to five industrial clusters centered around these technologies. The plan aims to apply the metaverse to various industries, including home appliances, automotive, and aerospace.

Manufacturing industries like steel and textiles can also adopt related technologies to optimize scheduling and material calculation. The blueprint, covering 2023 to 2025, was published on Friday by five Chinese ministries led by the Ministry of Industry and Information Technology. The metaverse will be a conceptual next-generation internet made up of three-dimensional spaces.

The MIIT, education and tourism ministries, the State Council’s state-owned enterprise regulator, and the National Radio and Television Administration collaborated to release a document.

The goal is to create a mature metaverse for industrial use, which can drive new growth in manufacturing in the long term. The plan aims to take advantage of the global acceleration of the metaverse industry, which can lead to the next generation of internet development. It can also upgrade the manufacturing industry to be more advanced, intelligent, and greener.

Key technologies in achieving this goal include blockchain, which supports data transfer and governance in the metaverse, advanced electronic components, and other hardware innovations.

In November of last year, a national action plan was issued to expand the MR sector to 350 billion yuan ($47.8 billion) and deliver 25 million MR devices by 2026.

Several local Chinese governments have also introduced their policies to encourage metaverse development, often focusing on its potential to support the economy and traditional industries.

For example, China’s central Henan province, a crucial hub in the global supply chain for the past decade by hosting the world’s largest iPhone manufacturing compound, announced its objective to create a 100 billion yuan metaverse industry by 2025. This plan includes the development of an “industrial metaverse,” an “energy metaverse,” an “education metaverse,” and a “virtual human metaverse.”

Furthermore, in July 2022, the Shanghai government announced its intention to set up an industry fund of about 10 billion yuan in assets to support metaverse development.

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