Shandong Province in China Unveils Blueprint for Metaverse Industry Growth

Shandong Province in China Unveils Blueprint for Metaverse Industry Growth

Crypto News – In a significant move, Shandong province in China has released preliminary guidelines aimed at bolstering the development of its metaverse industry. This initiative comes as China, the world’s second-largest economy, continues to make strides in its blockchain endeavors.

The provincial government of eastern China, in a document unveiled on Monday, outlined its ambitious plan to expand metaverse-related projects within the region, with the goal of reaching a market size of 150 billion yuan (equivalent to approximately US$20.5 billion) by the year 2025.

To achieve this objective, the Shandong provincial government has set forth several key milestones. By 2025, they aim to establish multiple metaverse-related industrial parks and provide support to nurture at least 100 metaverse companies. Furthermore, they are actively encouraging businesses to apply for a minimum of 3,000 international and domestic patents by the same year.

The draft guidelines provided by the local government offer a comprehensive definition of the metaverse, describing it as “a cutting-edge virtual and physical integrated digital environment that incorporates various cutting-edge technologies such as virtual reality, digital twinning, blockchain, internet of things, 5G, 6G, and artificial intelligence.”

The Shandong provincial government is inviting public input on these guidelines, with a feedback period open until September 8.

China’s Commitment to Blockchain Technology

Despite banning cryptocurrency transactions in September 2021, China remains steadfast in its commitment to developing homegrown blockchain technology and digital economies. Leading Chinese tech giants like Alibaba and Tencent are actively engaged in the development of their consortium blockchains.

In May, the Beijing government released a white paper focused on promoting innovation and the advancement of the Web 3.0 industry. The government’s objective is to position Beijing as a global hub for digital economy innovation.

Additionally, last month, Sichuan province unveiled a draft action plan with the aim of expanding its own metaverse industry to reach a market size of $34.4 billion by 2025.