Shanghai has included the concept of a metaverse in its development plan. China's largest city, Shanghai, is taking metaverse technology seriously. This year, Chinese government departments unveiled five-year development plans to show how they intend to implement the central government's five-year plan, released in March.

According to Chinese media reports, one of the plans released by Shanghai on Thursday, December 30, mentions the metaverse for the first time. This technology expands the interaction between people to the virtual world of three-dimensional avatars. The Metaverse is one of the four frontiers for exploration, according to the five-year plan for the development of the electronic information industry of the Shanghai Municipal Commission for Economics and Information Technology.

Shanghai releases five-year plans for metaverse development

Shanghai plans to develop a $52 billion metaverse industry by 2025 and wants to create more than 100 companies under the VR-focused plan. The document called for "encouragement of the application of the metaverse in areas such as government services, business offices, social entertainment, industrial production, industrial safety and electronic games."

The Chinese company Baidu held the first metaverse conference in China. The event was intended to commemorate the opening of the Baidu Metaverse app to developers.

Shanghai releases five-year plans for metaverse development

Basic moments:

  1. Focus on cutting-edge technology breakthroughs and focus on virtual reality headsets, chips, cloud computing and 5G technology.
  2. Develop 10 metaverse companies that compete internationally and create over 100 companies that create technologies for the metaverse.
  3. A five-year plan has been developed to expand research into basic technologies, including motion sensors and blockchain.
  4. Interest in non-fungible tokens (NFTs) and the metaverse is higher in China, Singapore and Hong Kong than in Europe or the US, according to Statista.