Shanghai, the financial and commercial capital of China aids the initiative of adjoining metaverse and other tech related industries to push the nation’s post pandemic economic recovery.
Wu Jincheng, head of Shanghai’s Economy and Information Technology Committee, at the press conference, mentioned that industries such as metaverse and smart terminals can constantly stimulate new business skills and models.
Further commenting “which would give rise to ‘killer’ applications and popular products, releasing huge market value.”
With around 10 billion yuan in assets, dedicated to metaverse development, the Shanghai government aims to build an industry fund. This would help in financing Chinese metropolises to foster 10 leading companies and 100 small-sized firms. This asset could also launch at least 100 more “benchmarking products and services” by 2025.
At the annual economic agenda conference last year, the Shanghai government commented to pursue research in VR and AR technologies. They also pledged to guard against “excessive financial speculation and malicious hype” for the metaverse projects in China.
This development comes as Virtual reality(VR) and Augmented reality(AR) technologies are considered as the next iteration of the internet.
Later in march, the Shanghai data exchange launched a metaverse-based recruitment programme, which enables jobseekers to virtually submit resumes to different departments.
The People’s Daily, a mouthpiece newspaper of the CCP, alerted people last December against the risks such as volatility, fraud, illegal fundraising and money laundering carried by property sales on metaverse.
However, the China Institutes of Contemporary International Relations(CICIR) stated that the nascent metaverse sector could have potential national security risks.