Chinese City Releases Draft Policy for Metaverse Industry Development

Published by Amirshop on May 26, 2023

On May 24, the Chinese city of Zhengzhou announced a series of policy proposals for support metaverse companies operating in the region. As part of the initiatives, the city government will set up a special fund worth 10 billion yuan (US$1.42 billion) to promote growth and development in the industry.

According to the government DraftMetaverse companies that choose to relocate their headquarters to Zhengzhou have the opportunity to receive a seed capital investment of up to 200 million yuan (US$28.34 million). In addition, companies are entitled to other benefits, including rent subsidies.

Any company involved in the development of metaverse use cases in the city – regardless of the location of its headquarters – has the opportunity to receive up to 5 million yuan ($710,000) for each project certified viable by the city government.

The exact date of the allocation of funds has not yet been announced. In addition to presenting the funding policy, the Zhengzhou Municipal Government also outlined its long-term vision for the city’s metaverse development. It expects that Zhengzhou’s Metaverse-related industries will reach annual sales of over 200 billion yuan (US$28.34 billion) by the end of 2025.

These guidelines apply to local businesses engaged in two distinct fields: 1) research efforts focused on metaverse-related technologies such as virtual reality, augmented reality, and brain-computer interfaces; and 2) the use of Metaverse technologies in real-world industries such as education, entertainment, and commerce.

In addition, the government will work with other government agencies and investment firms to secure an additional 50 billion yuan ($7.08 billion) in funding to support various Metaverse-related development projects. In addition, the city intends to offer cash rewards to Metaverse companies upon their listing on China’s major stock exchanges.

The plan includes blockchain — a critical technology in the metaverse industry — alongside next-generation computer rendering, human-computer interfaces, and artificial intelligence. In addition, a market for digital assets is to be created irreplaceable token Technology.

Zhengzhou has joined a variety of Chinese cities and provinces vowed to become a leader in the country’s metaverse development. The southeastern metropolis of Shanghai is actively pursuing its metaverse aspirations. predict The metaverse industry will reach 350 billion yuan (US$49.6 billion) in annual revenue by 2025.

Magazine: China’s wave of ChatGPT competitors, Alibaba becomes Multichain: Asia Express

Source link