China Bets Big on the Metaverse with Three-Year Action Plan

China bets big on Web3 with a plan to incubate three to five metaverse startups with global influence by 2025.

Chinese man and woman looking into a metaverse whilst a guy staring back at them from there.
Created by Gabor Kovacs from DailyCoin
  • China has launched a three-year metaverse action plan.
  • The plan follows a series of similar initiatives in the country.
  • The country aims to achieve global influence in metaverse adoption and applications.

Despite imposing a blanket ban on all crypto-related activities, China has embarked on an ambitious three-year journey to expand its domestic metaverse industry and incubate three to five metaverse companies with “global influence” by 2025.

China’s General Offices for the Ministry of Industry and Information Technology, the Ministry of Education, and the Ministry of Culture and Tourism, among other state agencies, published a three-year action plan to steer the high-potential metaverse industry.

Harnessing New-Generation Information Technologies

Setting its sights on major innovative breakthroughs, the action plan intends to leverage a range of new-generation technologies, such as blockchain, artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and mixed reality (MR) concepts.

The 2023 to 2025 metaverse blueprint focuses on achieving five key goals that will become a significant growth pole in China’s digital economy, including:

  • Developing a 3D interactive industrial metaverse.
  • Constructing advanced technological and industrial systems.
  • Creating immersive & interactive digital life applications.
  • Establishing a safe and credible industrial governance system.
  • Building systematic and complete industrial support.

By 2025, the plan anticipates a future where the physical and digital worlds seamlessly merge and also underscores the inevitable application of the metaverse concept in various industries, such as tourism, automotive, aerospace, manufacturing, and home appliances.

Betting Heavy on the Metaverse

The Chinese government has been demonstrating its interest in tapping into the potential of the metaverse concept and its applications for a while now.

In July 2022, the Shanghai government promised to set up a fund worth 10 billion yuan in assets to focus on metaverse development under a five-year plan. Two months later, the Henan Provincial government announced its goal to develop a 100-billion-yuan metaverse industry by 2025.

Regarding investor sentiment, the Chinese metaverse market reportedly generated around $780 million in investments, where experts projected it to be worth $5.8 trillion by 2030.

Read how China proposed to move its social credit system to the Metaverse:
China Bids to Move Its Social Credit System to the Metaverse

Stay updated on the adoption of the digital yuan CBDC:
Chinese Institutions Embrace New Digital Currency Partnership

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.