China will boost the metaverse to recover its economy

The Chinese government will invest 1.5 billion yuan in the creation of a financial and commercial center that will aim to promote the metaverse and other technologies, with the purpose of reactivating the economy heavily impacted by the Covid-19 pandemic.

The head of the Shanghai Information Technology and Economy Committee, Wu Jincheng, explained that the metaverse and smart terminals will drive new business schemes.

According to the Shanghai executive, by 2025 the country plans to develop low-carbon projects and smart terminal industries worth 1.5 trillion yuan, equivalent to 224 billion dollars.

The financial center is planning an industry fund of approximately 10 billion yuan to be devoted exclusively to the development of the metaverse, which will contribute to the creation by 2025 of “10 large companies and 100 micro companies in Shanghai that could launch at least 100 benchmarking products and services.

The metaverse will stimulate transformation

As stated by Wu Jincheng, the metaverse will stimulate transformation and improve the different industries of the country’s real economy. The government is encouraging companies to carry out studies in the areas of “virtual reality and augmented reality”.

Government authorities are also pledging to “protect the citizenry from excessive financial speculation and malicious hype of metaverse-related projects.”

On the other hand, Shanghai is planning to make large investments in factories of “intelligent terminals, including virtual reality (VR) headsets, robots, home devices and smart vehicles” with the aim of contributing to the creation of at least two companies that can earn hundreds of billions of yuan as annual revenue.

M. Rodríguez

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Source: morocotacoin.news