China Aims to Cultivate Global Metaverse Firms by 2025

China has unveiled an action plan to develop a domestic metaverse, with a focus on cultivating "three to five metaverse companies with global influence" by 2025.

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The plan, issued by five Chinese ministries led by the Ministry of Industry and Information Technology (MIIT), aims to leverage technologies such as artificial intelligence (AI), blockchain and virtual reality (VR) to drive the development of the metaverse for industrial use.

The blueprint, covering the period from 2023 to 2025, highlights the application of the metaverse in various industries, including automotive, aerospace, home appliances, steel and textiles. The goal is to improve manufacturing efficiency by optimising scheduling, material calculation and other aspects of the production process through the adoption of related technologies.

The plan also emphasises the establishment of "three to five industrial clusters" centered around the metaverse technologies by 2025. These clusters will serve as hubs for breakthrough applications and governance in the conceptual next-generation internet, which consists of three-dimensional spaces.

The document, jointly issued by the MIIT, education and tourism ministries, state-owned enterprise regulator and the National Radio and Television Administration, aims to seize the global opportunity presented by the metaverse industry's acceleration. China sees the metaverse as a catalyst for advancing the manufacturing industry, making it more advanced, intelligent and environmentally friendly.

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• Blockchain: Supports data transfer and governance in the metaverse.

• Advanced Electronic Components: Essential for metaverse development.

• VR, Augmented Reality and Mixed Reality: Fundamental technologies for the immersive virtual world of the metaverse.

Source: SCMP