The biggest financial and commercial hub of China, Shanghai has announced a $1.5 billion allocation to the Metaverse industry for better economic growth of the country. Shanghai plans to allocate the fund to encourage 10 paramount companies and 100 small-sized firms in the metaverse and technological sector. These organizations are said to launch at least 100 metaverse-related products and tech tools by 2025.
Shanghai is also determined to support other tech-related industries through its latest disclosed funding which will ramp up China’s economic growth to the newest levels. These industrial initiatives have been started by the government itself to help the nation’s post-pandemic economic recovery.
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Moreover, Shanghai’s funding will also back the development of low-carbon projects and smart terminal technology within the country. Such projects are expected to bring more advantages to future evolution. Eventually, the metaverse will go to prove to be a dynamic starting point for accelerating economic recovery, as said by the Shanghai Government officials.
According to Wu Jincheng, the Head of Shanghai’s Economy and Information Technology Committee, Smart terminal technology includes virtual reality headsets, smart home gadgets, robots, and smart vehicles. Shanghai plans to establish two big companies that could strengthen healthcare, transportation, and elderly care using these smart terminal industries.
Also, these ‘high-valued’ three sectors are expected to grow by around $225 billion by 2025. Wu also added that the “Metaverse will drive the transformation and upgrading of various industries in the real economy”.
In December 2021, the Shanghai Municipal Commission of Economy and Information Technology considered ‘metaverse’ as one of the ‘ four frontiers for exploration.’ It also concluded that China can use metaverse in business offices, public services, industrial infrastructure, production safety, and building electronic games.