Shanghai Issues Policy Paper on Metaverse Industry Plan by 2025

Fazzaco learned that the Shanghai city government has published a policy paper on July 8, which outlined its strategy to cultivate a metaverse industry worth 350 billion yuan ($52 billion) by the end of 2025.

Aimed at "strengthening cutting-edge technological breakthroughs," Shanghai focuses on virtual reality headsets, chips, cloud computing and 5G technology, according to the paper.

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In addition, the financial center of mainland China also stated its plan in the paper that it will cultivate 10 "chain-owner" enterprises with international competitiveness, while establishing more than 100 businesses that are experts in key metaverse technology.

Shanghai has long been concerned about the development of the Metaverse. In December last year, the most populated city in China drafted a metaverse development plan , in which it sets out a five-year goal of increasing research into the underlying technologies, including sensors and the use of blockchain.

Since the beginning of 2022, authorities in Southeast Asian countries, like Dubai, South Korea, Philippines​ has been marching into Metaverse. Besides, compared with Europe or the U.S, greater  interest in non-fungible tokens (NFTs) and the metaverse is shown in  mainland China, Singapore and Hong Kong, according to the data compiled by Statista.