Chinese province Zhenjiang plans to establish itself as metaverse hub
A Chinese province, Zhejiang, has unveiled a metaverse development strategy that aims to support the development of metaverse-related industries valued at over 200 billion yuan (US$ 28.7 billion) by 2025. The strategy seeks to build an ecosystem of various businesses integrating this technology into their operations and to encourage the development of a metaverse industry.
Objectives outlined in the plan include creating a complete supply chain and industry ecosystem, enhancing innovation, promoting the use of the metaverse in e-commerce and entertainment, as well as integrating it with the ‘real economy’. To help the industry grow, the local government intends to support 50 businesses and 10 industry leaders to develop competences in emerging technologies, such as augmented reality, virtual reality, mixed reality, blockchain, and artificial intelligence industries.