The Metaverse Development Action Plan for China was presented to the public for the first time on August 23 by a local government agency in Beijing, which is the urban sub-center of the capital city. The years 2022 and 2024 would be covered by this strategy for a period of two years.
The China Metaverse Development Plan Is Still Going Forward
The translated text claims that the Web3 Innovation Strategy has been announced by the Tongzhou Region of Beijing Municipality. This plan of action has been developed specifically with the intention of encouraging the expansion of businesses associated to the Metaverse.
In addition to this, it would be useful to construct an urban, technologically advanced, and digitally distinctive highland. In addition to this, Beijing would receive assistance in developing a “yardstick city” that is emblematic of the digital economy.
A plan to establish a metaverse sector worth $51 billion (350 billion yuan) by the time the year 2025 comes to a close is one of the initiatives that the government of Shanghai city unveiled one month ago.
This project would map out different areas of the city and present them in a digital format for viewing by residents and visitors alike. Additionally, it would allow for the simultaneous presence of the physical economy and the digital economy.
In addition, the plan aimed for the establishment of a solid basis for the digital infrastructures that would eventually serve as hosts for the Metaverse. It also brought to light the necessity of a well-structured intellectual property security framework, which would protect both users and businesses.
Despite the numerous measures that have been taken to assist web3 development, there are still some fundamental issues regarding the centralization of government. Be[In]Crypto had previously stated that China sees great potential in blockchain technology even if it continues to prohibit private cryptocurrencies and pushes for more robust legislation for NFTs. This was despite the fact that China had previously stated that it would continue to prohibit private cryptocurrencies.
The Expanding Market in the Metaverse In China
New Financial Technologies (NFTs), Web3, and Metaverse were crucial components of Shanghai’s five financial recovery projects. Meanwhile, the most recent discovery comes at a time when China’s GDP estimate has been revised downward and jobless rates are at historically high levels.
Both Citi and Goldman Sachs recently revised their projections for China’s GDP growth in 2022, bringing them down to 3.0% and 3.5%, respectively, from 3.9%.
Additionally, a significant number of participants in the technology business are seeing the negative consequences of inflation as it pertains to the overall economy. Even in the cryptocurrency industry, this has resulted in the termination of employees.
Despite this, studies indicate that the rapidly expanding metaverse sector in China has been serving as a recruitment warehouse. The government is one of the groups that is working to advance the Metaverse and Web3 technology.
The most recent plan for the Metaverse places a strong emphasis on the critical connection that exists between the expansion of the Metaverse and the establishment of sub-center towns and industrial development hubs. According to the research, the strategy for the metaverse will facilitate the expansion of both companies and industries.
In addition to this, it would generate a full chain pull by capitalizing on culture, tourism attractions, cultural belts along the Grand Canal, and unique villages. Since March, more than 4,000 Chinese businesses have established a presence in the online world.
The Hang Seng China Metaverse Index was introduced in the month of June in China. The purpose of the index was to assist in monitoring the success of companies based in China that are working on Metaverse projects.