China’s Ministry of Industry and Information Technology (MIIT) has unveiled a groundbreaking initiative to propel the metaverse into mainstream prominence. A dynamic working group, comprising key industry players such as Huawei, Tencent, Ant Group, and Baidu, alongside academic experts from renowned institutions, has been established to steer the nation’s metaverse ambitions.

MIIT recently announced a robust three-year action plan aimed at fostering the metaverse’s growth. The primary objective is to nurture three to five globally influential metaverse companies by 2025, with special emphasis on supporting small and medium-sized enterprises. This forward-looking strategy positions China as a frontrunner in the rapidly evolving metaverse landscape.

The action plan underscores the pivotal role of cutting-edge technologies such as artificial intelligence (AI), blockchain, cloud computing, and virtual reality in shaping the metaverse. By integrating these technologies, China seeks to not only set industry standards but also fuel innovation within the metaverse ecosystem.

In a bid to bolster metaverse development, financial support initiatives have been initiated. This includes the implementation of tax and fee cuts for industries related to the metaverse, signaling the government’s commitment to creating a conducive environment for sustained growth.

Also recognizing the global nature of the metaverse, China is actively encouraging international engagement. MIIT’s working group is poised to participate in international standard-setting activities, fostering collaboration with industry leaders on a global scale. This approach aligns with the establishment of the Metaverse Standards Forum in 2022, where Chinese tech giants like Huawei and Tencent are actively contributing.

Beyond national efforts, local governments are taking proactive steps in metaverse development. Beijing’s Tongzhou district aims to incorporate over 100 metaverse-related firms by year-end, while Shanghai plans to raise a substantial initial fund of 1 billion yuan in late 2022 through government-backed and private funds, further boosting the metaverse ecosystem.

With aspirations to lead the metaverse domain, Beijing, in collaboration with MIIT and other authorities, is set to nurture at least three metaverse companies with global influence by 2025. This comes as the metaverse gains international recognition, exemplified by Facebook’s rebranding to Meta Platforms in 2021, marking a strategic shift towards the metaverse.

China’s multifaceted approach, combining industry collaboration, technological innovation, financial support, and international engagement, positions the nation at the forefront of the global metaverse race.

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