Shanghai Plans to Build Metaverse Industry Worth $52 Billion by 2025

In a bid to tackle China's economic recovery after COVID-19, the Shanghai municipal government published a policy paper outlining its game plans in early July. There are 3 key sectors to focus on with metaverse being one of them.

Jul 16, 2022
by Akira Ming
Shanghai Plans to Build Metaverse Industry Worth $52 Billion by 2025
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Shanghai to spearhead metaverse development in China

On July 8th, the Shanghai municipal government published a policy paper detailing its strategies to build a metaverse industry worth $52 billion by 2025. The commercial hub of China will focus on cutting-edge technological breakthroughs, putting priorities on VR headsets, chips, cloud computing, and 5G technology. 

What's more, the Shanghai government plans to create at least 10 leading enterprises and 100 firms creating metaverse products and services. To do that, it will establish an industry fund of 10 billion yuan in assets or nearly $1.5 billion to support the initiative. 

“Metaverse will drive the transformation and upgrading of various industries in the real economy,” said Wu Jincheng, Head of Shanghai’s Economy and Information Technology Committee in a press conference on July 8th. 

Apart from the metaverse industry, the paper sets forth plans to back low-carbon projects and smart terminal industries as well. Combining the three of them, the Shanghai government expects to see these sectors worth 1.5 trillion yuan or $224 billion by 2025. If executed well, which no doubt it will, Shanghai will help boost China's economic recovery in the post-pandemic era. 

The metaverse is way more popular in China than you think

Don't believe me? Just search for “NFT” and “metaverse” in Google Trends and check which region has the highest interest. You'll be surprised that China has the highest percentage of searches for these two topics out of other countries. 

Back in May, market research firm Ipsos reported a rather interesting stat. Out of the 29 countries they surveyed, China users are the keenest on the metaverse. In fact, 78% of them are willing to engage with metaverse on a daily basis!

Not surprisingly, local firms such as Alibaba and Tencent have been the first movers to drive metaverse initiatives as well. In fact, Tencent recently formed an XR (extended reality) unit to tap into the metaverse market. 

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