Beijing Municipal Government Shares Two-Year Roadmap on Metaverse Project

The plan directed districts and municipalities to build city-wide technological infrastructures and provide resources to create an urban space virtual reality.

Aug 25, 2022
by Michael
Beijing Municipal Government Shares Two-Year Roadmap on Metaverse Project
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Beijing Government Shares Two-Year Metaverse Plan

Beijing has released a metaverse innovation and development plan for 2022 – 2024 and has directed all districts to comply with the plan, which will boost the city's digital economy. The municipal government referred to metaverse as a 'new generation of information technology integration and innovation' that is instrumental in expanding web-3 activities on the internet. In addition, this plan will focus on increasing investment in metaverse-based products and industries.  

They commented,

"Promote digital education scenarios, support in-depth cooperation between Metaverse-related technology companies and educational institutions, expand intelligent and interactive online education models, and develop industry-wide digital teaching platforms." A Google transcript excerpt of the document read.

Details Of the Metaverse Plan

The plan directed all districts to build technological infrastructure and encourage its use across health, education, and tourism sectors. They would also ensure the integration of technical services like Geographic Information System (GIS) and 3D visualization to create a digital space platform and a roadmap for developing digital native intelligent infrastructure. 

District and municipal governments must provide financial and human resources to build virtual reality, track NFT technologies and explore regulatory sandbox programs to support innovation. Although this development is shocking, China has demonstrated strict anti-crypto measures. Nevertheless, it has shown considerable interest in metaverse since early last year. Beijing follows Shanghai as the second city to introduce a metaverse plan for its residents. This interest could lead to broader adoption, just like the country recently launched its central bank digital currency (CBDC), which many citizens use.

Nonetheless, the Chinese government has not demonstrated favourable regulations for tech companies working on the same idea. In July, Tencent shut down one of its two platforms due to a low-profit margin linked to the government's strict monetary policies.

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