The Shanghai government has announced its metaverse plans in a recently released policy paper that details how the Asian giants plan on cultivating a $52 billion metaverse industry by 2025.
China has previously announced its plans for the virtual space but the newly released paper includes how it plans on creating a fund of over 10 billion yuan ($1.5 billion) in order to invest in the metaverse as well as other adjacent industries like virtual reality, cloud computing and even processing chips.
According to the policy paper, Shanghai’s target goal is to grow the industry to a staggering size of around 350 billion yuan ($52 billion). Some aspects of its plan include fostering 10 leading “chain-owner” businesses, as well as over 100 smaller size companies specializing in the metaverse, by rolling out an industrial fund worth 10 billion yuan (around $1.5 billion).
Following the country’s 14th five-year plan to concentrate on leading frontiers of new technology like quantum computing and artificial intelligence, Shanghai’s move doesn’t exactly come as a surprise. China has also named Blockchain, VR/AR and AI as its key trends.
On top of the aforementioned, Shanghai also aims to boost its “cutting-edge technological breakthroughs,” by establishing two metaverse-related industrial parks in Zhangjiang in the Pudong New Area and Caohejing in the Xuhui District.
Additionally, the multi-cultural metropolis also intends to cultivate 10 industry titans and 1000 specialized businesses that will develop “industrial estates focused on low-carbon fields” and “high-end energy equipment.”
The Head of Shanghai’s Economy and Information Technology Committee (SMCEIT), Wu Jinheng, stated that the metaverse financing will eventually “drive the transformation and upgrading of many companies in the real economy.”
And in a press conference held on June 8th, Jinheng mentioned that “industries such as the metaverse and smart terminals are expected to constantly spur new business schemes and models,” have a “huge market value” and be worth as much as $224 billion by 2025.