September 7, 2023

China’s Shandong Aims To Generate $20.5 Bln from Metaverse by 2025

Metaverse China

Metaverse China

China’s Shandong province has released draft guidelines to boost its metaverse industry, aiming for a market size of 150 billion yuan (US$20.5 billion) by 2025.

The province is seeking public feedback on the guidelines until September 8. The plan includes building several metaverse-related industrial parks and supporting the growth of at least 100 metaverse firms. The local government also aims to help companies apply for at least 3,000 international and domestic patents by 2025.

The guidelines define the metaverse as “a novel virtual and physical integrated digital space that combines various information technologies such as virtual reality, digital twinning, blockchain, internet of things, 5G and 6G, as well as artificial intelligence.” Shandong aims to be a leader in this emerging field by leveraging multiple technologies to create a cohesive digital ecosystem.

China has recently prohibited all cryptocurrency transactions in September 2021. Despite this, the country remains hopeful about its blockchain technology and digital economies. Prominent Chinese technology giants, like Alibaba and Tencent, are working on creating their own consortium blockchains. In May, the Beijing government released a white paper to encourage innovation and development in the Web 3.0 industry. The administration is also striving to establish Beijing as a global innovation hub for the digital economy.

Recently, Sichuan province has unveiled a preliminary plan to expand its metaverse industry and achieve a market size of $34.4 billion by 2025. This development indicates that Shandong’s strategy to dominate the metaverse and blockchain industries is part of a larger national plan.

In May, the Beijing government released a white paper to promote the innovation and development of the Web 3.0 industry, positioning the city as a global innovation hub for the digital economy.

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