China releases government-backed Metaverse policy proposals

China has released with state support Metaverse Policy Proposals to support the development of the industry within its borders. Specifically, the city of Zhengzhou has announced the draft guidelines as part of its initiatives within the sector.

The development follows previous news of the measures backed by the country’s government Metaverse Platform in the city of Nanjing. In addition, the latest policy proposals will provide a 10 billion yuan (US$1.42 billion) fund for China’s metaverse development.

To maintain its commitment to the sector, China has released government-backed metaverse policy proposals. Specifically, the Chinese city of Zhengzhou has presented the blueprints that would boost the development of the industry in the country.

Companies develop according to these blueprints metaverse Technology, which is relocating its headquarters to the Chinese city, will receive an initial investment of 200 million yuan (US$28.34 million). In addition, the companies could receive additional benefits based on their qualifications.

In addition, companies participating in the development of use cases in Zhengzhou could be promoted regardless of the location of their headquarters. Specifically, these companies could earn up to 5 million yuan (US$710,000) for each project whose feasibility is certified by the government.

No date has yet been set for the award of these funds. In addition, the draft policies accompany a long-term metaverse plan for the city. It then predicts a huge metaverse industry whose annual sales could surpass 200 billion yuan (US$28.34 billion) by 2025.

Funding will be awarded to companies exploring two different avenues of Metaverse development. First, research has focused on technologies such as virtual reality. Secondly, the use of such technologies and the practicality of their integration into educational and entertainment areas.