September 8, 2023
By Sharan Kaur Phillora
In an aggressive bid to become a global leader in the burgeoning metaverse industry, China’s Shandong Province has unveiled draft guidelines projecting a market size of 150 billion yuan (approximately US$20.5 billion) by 2025. The provincial government invites public input on the guidelines until September 8.
Here’s what we know:
The comprehensive plan details an ambitious roadmap that includes the construction of multiple industrial parks focused on metaverse technologies. Additionally, the province aims to nurture the growth of at least 100 companies specializing in this domain. The government also has plans to facilitate the filing of at least 3,000 patents, both international and domestic, by 2025 to foster innovation in the field.
Defined in the draft as “a novel virtual and physical integrated digital space combining various information technologies like virtual reality, digital twinning, blockchain, the internet of things, and 5G and 6G, along with artificial intelligence,” the metaverse represents Shandong’s aim to establish itself as a trailblazer. The province focuses on leveraging an amalgam of emerging technologies to develop a cohesive digital ecosystem.
This initiative comes at an interesting time for China’s digital economy. Despite banning all cryptocurrency transactions in September 2021, China remains upbeat about blockchain technology. Major tech giants like Alibaba and Tencent have shifted their focus to building consortium blockchains. Earlier this year, the Beijing government also released a white paper aimed at accelerating development in the Web 3.0 industry and positioning Beijing as a global hub for digital innovation.
Notably, Shandong’s aspirations are not isolated. Sichuan Province recently issued its draft action plan targeting a $34.4 billion metaverse market by 2025. These regional initiatives point to a broader national strategy to capture a dominant share of the future digital economy.
With provinces like Shandong and Sichuan setting the pace, China appears to be positioning itself at the forefront of the metaverse and blockchain industries, embodying a collective national ambition to shape the digital landscape of the future.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
