August 21, 2023

China’s Sichuan Targets Expansion of Metaverse Industry To $34.4 Bln by 2025

Chinese People Try VR Headsets

Chinese People Try VR Headsets

The Sichuan province in southwestern China is heavily investing in the development of the metaverse industry. The goal is to expand this emerging industry and achieve a market size of 250 billion yuan ($34.4 billion) by 2025. 

The provincial government has outlined a draft action plan for the next few years, including creating multiple industrial parks focused on the metaverse and promoting at least 15 leading metaverse firms. The plan also involves enhancing blockchain infrastructure, ensuring stronger privacy protection, and enabling cross-chain control.

The draft plan highlights the need to enhance digital governance and establish stronger regulations for safeguarding personal information, ensuring internet safety, and improving data security in metaverse settings. The Sichuan government is seeking public feedback on this action plan until August 22. 

It is noticeable that there is a heated race among Chinese provinces in the metaverse arena as each province attempts to outline outstanding metaverse strategies or initiatives. For an example, Shanghai aims to generate $6.5 billion (50 billion yuan) annually from culture and tourism metaverse projects by 2025.

The metaverse industry in China is flourishing as it is expected to hike by about 40% this year, according to a new report. According to a recent report by Research and Market, the world’s largest market research store, on the Chinese metaverse market and its future, the metaverse industry in China is predicted to increase by 39.5% on an annual basis to reach $1,06,102.8 million in 2023.

China remains committed to advancing its blockchain and digital innovation goals, despite banning cryptocurrency transactions in September 2021. 

Leading tech companies like Alibaba and Tencent are actively involved in developing consortium blockchains, demonstrating their strong support for technological progress. To further these aspirations, the Chinese government released a detailed white paper earlier this year, aimed at promoting growth and innovation in the Web 3.0 sector.

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