Tracing the next steps in Shanghai’s plans for the Metaverse
Shanghai wants to lead China’s economic recovery by promoting the growth of metaverse goods and services, low-carbon energy initiatives, and smart terminal technology.
The Shanghai government plans to establish an industrial fund with assets worth 10 billion yuan, or around $1.5 billion. This will be exclusively for the growth of the metaverse, according to a South China Morning Post report.
Wu Jincheng, Head of Shanghai’s Economy and Information Technology Committee (SMCEIT) said,
“This financing will go toward creating 10 leading companies and 100 small-sized firms that will specialize in benchmarking products and services.”
Shanghai will build a 10 billion yuan metaverse industrial fund, two metaverse industrial parks in Caohejing in the Xuhui District, and Zhangjiang in the Pudong New Area.
Shanghai will be home to 10 of the most significant metaverse enterprises in the world, with more than 50 linked applications in the commercial, educational, smart manufacturing, cultural, and collaborative office sectors. Thanks to these developments, the city’s metaverse industry will bring in 350 billion yuan by 2025.
This year, the metaverse was a topic of discussion in Shanghai’s Two Sessions. This made Shanghai the first municipality in the nation to include it in its long-term strategy. According to municipal officials, Shanghai also presented development plans for the post-pandemic economy’s growth accelerators.
The aforementioned sectors, which are anticipated to be worth a combined $224 billion by 2025, have “huge market value,” according to Wu. In fact, he also claimed that investments in the metaverse “will promote the transformation and upgrading of many companies in the real economy.”
Examples of smart terminal technology
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