China's Zhejiang Province Plans to Build USD 28.7 Billion Metaverse
Zhejiang,
a coastal province of China, plans to build a USD 28.7 billion metaverse sector
by 2025. The plan consists of an ecosystem consisting of several companies
integrating the technology into their operations. Previously, Shanghai proposed
a USD 52 million plan to establish a metaverse hub by 2025.
Metaverse Development Plan
The
Chinese province of Zhejiang presented its metaverse development plan on December
15, aiming to become one of the biggest metaverse hubs in the country. The plan
contemplates the integration of several companies in the metaverse to generate
USD 28.7 billion in turnover by 2025.
The
province has outlined the actions needed in the vision document to reach its
goal. Starting from 2023, these include the incubation of ten industry leaders
and fifty companies in the metaverse, like AI (artificial intelligence), VR
(virtual reality), and blockchain.
The
technologies will be applied to several processes to integrate companies
dedicated to product production, industrial design, medicine, and government
institutions for the metaverse push.
The
document replicates plans already laid out and presented by other Chinese
governments interested in the metaverse development sector. In June, Shanghai presented its roadmap to becoming a USD 52 million metaverse hub.
China’s Metaverse Race
Companies
in China seem to be hooked on the metaverse concept. More and more companies
are in the race for metaverse-related projects. Several companies have
shown keen interest in developing the technology. The Chinese media sources
claimed on September 5 that the metaverse industry in the country has managed
to raise funds to the tune of USD 780 million, which is expected to expand to USD
5.8 trillion by 2030.
The
Chinese government too has also shown an inclination towards the development of
metaverse technology. In November, the Chinese government presented a plan for virtual reality (VR) research
to build a more immersive experience. The plan includes the creation of a platform
for a virtual social world that would allow users to socialize and communicate
online.
The
Chinese software company Tencent is already exploring the possibilities in the
metaverse world. The company has established a new division and is looking to
employ more than 300 people for different tasks and projects.
However,
the government has been critical of the hype surrounding metaverse-related
investments. The state-run newspaper Economic Daily published a report on November 10 tersely warning that
"the metaverse industry sounds promising, but it may not fit every region.
Beware of feverishly following suit and betting big on it while detached from
reality."
What
is your take on Zhejiang’s metaverse development plan? Please post your
comments.
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