HomeTechnologyVirtual RealityChina’s Local Governments Are Spending Millions on the Metaverse

China’s Local Governments Are Spending Millions on the Metaverse

Local authorities across China are implementing a series of grants and initiatives to attract metaverse-related businesses and talent, betting on the prospects of the emerging trend creating a global buzz.

At least six provincial governments and local authorities in 10 cities – including Beijing, Shanghai and Chongqing – have issued development plans with a focus on the metaverse or specific support measures for people working in the field, public records showed. For example, Guangzhou, Hangzhou and Wuhan, along with the eastern province of Shandong, plan to provide grants ranging from 2 million yuan to 200 million yuan ($282,000-$28 million) for metaverse research platforms and projects, along with housing benefits to promote talent. to attract.

The metaverse refers to an immersive digital world with a combination of virtual reality, augmented reality and mobile internet. While some consider it the next tech revolutionthere are currently no wide applications of the metaverse available, despite the hype surrounding it.

Many Chinese companies ranging from property until virtual idols jump on the metaverse bandwagon. This has led to job openings in related areas, primarily on virtual reality, augmented reality and metavers-focused social platforms, and has seen a 16.6% year-on-year increase in the first seven months of 2022 for such job openings, according to a Monday. report by online recruitment platform Zhilian Zhaopin.

According to the report, megacities have the highest demand for metaverse talent, with Beijing, Shanghai and Shenzhen in the top three. New frontline cities such as Hangzhou and Wuhan also showed remarkable growth of 65.9% and 39.3% respectively in job openings, boosted by policy support from local governments.

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Meanwhile, the central province of Henan last week announced his ambitious plan to join the metaverse race. The province plans to build a 30 billion yuan metaverse industry by 2025 and cultivate 10 metaverse companies with “core competitiveness” along with hundreds of specialized and smaller ones.

Earlier in June, the Shanghai government made a similar commitment to set up a 10 billion yuan fund dedicated to developing the metaverse industry. The city aims to develop a metaverse industry worth 350 billion yuan by 2025.

The rush of local authorities in the sector follows the country’s call to promote technological innovation and the digital economy. In January, China’s Ministry of Industry and Information Technology pledged to: cultivate a number of innovative small and medium-sized enterprises with a focus on the metaverse and blockchain.

In the wake of the mounting hype, while some experts have warned investors of potential risks in the absence of relevant regulation, others said it is China’s “next bubble.” Despite regulatory and technological headwinds, multinational bank JPMorgan said earlier this month it forecasts a $4 trillion market size for China’s metaverse-related economy by digitizing the offline consumption of goods and services.

Editor: Bibek Bhandari.

(Image header: VCG)

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