On August 23rd, a local government body in China unveiled the country’s Metaverse Development Action Plan for Beijing’s urban sub-centre. This two years plan would span from 2022 to 2024.
China Continues With Metaverse Development Plan
According to the translated paper, the Tongzhou Region of Beijing Municipality has announced its Web3 Innovation Strategy. This action plan is designed specially to encourage the expansion of Metaverse-related companies.
Additionally, it would help to develop an urban, technologically advanced highland with peculiar digital features. Also, it would assist Beijing in building a yardstick city to represent the digital economy.
Last month, the government of Shanghai city released an initiative to develop a $51 billion (350 billion yuan) Metaverse industry before the end of 2025.
This initiative would capture various parts of the city and showcase them in the virtual world. Also, it would provide a coexistence between the physical and digital economy.
Furthermore, the plan called for the building of a strong foundation for the digital infrastructures that would host the Metaverse. It also highlighted the need for a structured intellectual property safety system to safeguard users and companies.
However, some fundamental concerns about government centralization persist despite extensive initiatives supporting web3 development. Be[In]Crypto had formerly stated that China sees great potential in blockchain tech even if it continues prohibiting private cryptos and pushes for more robust legislation for NFTs.
The Growing Metaverse Sector In China
NFTs, Web3, and Metaverse were essential elements of Shanghai’s five financial recovery programs. Meanwhile, the latest revelation occurs at a period when unemployment is at high levels, and China’s GDP estimate has dropped.
Citi and Goldman Sachs recently reduced their estimates of China’s 2022 GDP growth to 3.0% and 3.5% from 3.9%, respectively.
Also, many participants in the tech industry are feeling the effects of inflation on the global economy. This has caused the layoff of workers even in the crypto sector.
However, reports reveal that the growing Metaverse sector has been a recruitment warehouse in China. The government is one of those pushing for Metaverse and Web3 development.
The current metaverse plan also emphasizes the vital link between the growth of the Metaverse and the construction of sub-centre municipalities and industrial development hubs. According to the report, the metaverse plan will stimulate company and industrial growth.
Additionally, it would produce a full chain pull by capitalizing on culture, tourist locations, Grand Canal cultural belts, and distinctive towns. As of March, over 4000 Chinese firms have moved into the virtual world.
In June, China launched the Hang Seng China Metaverse Index. The index was to help monitor the performance of Chinese-based firms that are working on Metaverse projects.
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