China’s Sichuan province plans to expand the metaverse industry to 250 billion yuan, about $34.4 billion by 2025. Regulators have shared a draft plan explaining how the government wants to create several metaverse-related industrial areas. To achieve this goal, the draft document shows the government is ready to support 15 of the top metaverse companies.
The Sichuan government also stated that it will improve blockchain infrastructure, enhance privacy safeguards, and create cross-chain controls. According to the draft document, a key focus of the metaverse plan would be improving digital governance as well as formulating better regulations to protect people’s personal information. Adding that internet safety and data security is important in the metaverse.
The Sichuan government is seeking public feedback on its action plan until August 22nd.
Digital growth in China
While China imposed a countrywide restriction on cryptocurrencies in 2021, the country is seemingly maintaining a positive outlook on other nascent technologies, especially the metaverse.
At the same time, China is hopeful about blockchain technology. The Middle Kingdom plans to build related infrastructure in Shanghai by 2025, similar to what the Sichuan government plans to do.
In addition, the government urged financial institutions to actively show their support for the metaverse space, explore digital asset pledge techniques and advance the digital growth of businesses.
It also requested open collaboration and suggested that organisations hold expos and exchange events for metaverse products as well as highlighted the significance of research and development to enhance innovation in this nascent field.
Last month, China Mobile went on to establish an industry alliance within the metaverse that comprises prominent names from the country’s technology sector to drive metaverse innovation across the country.