Beijing Releases Metaverse Development Action Plan for Sub-center
Beijing has published an action plan that seeks to promote the development of metaverse-related industries in the sub-center of the city over the 2022-2024 period. Strictly in line with the market leadership and guidance of the Xi Jingpin government’s guiding ideology, the plan shows Beijing wants to build a solid digital infrastructure base for the meta-universe industry.
The city is planning to leverage innovative resources, support for scientific and technological self-reliance and self-improvement to develop the industry. It would also introduce more talents and enterprises to the space, and strengthen the underlying technologies of the metaverse to transform innovative achievements in the sub-center.
Beijing taking step on metaverse
Beijing’s main objectives include trying to build the city sub-center into a meta-universe application demonstration area featuring cultural tourism content through three years of efforts. The development of the meta-universe in Beijing is to be combined with the construction of sub-central cities and industrial development priorities. With more than 100 meta-universe ecological chain enterprises cultivated and introduced, and typical application scenario projects built, several meta-universe-related standards have been promoted while a metaverse and culture, tourism, commerce, urban services, and other fields of virtual and real integration have been effectively formed.
The capital city’s moves fit into the developing metaverse space in China which has seen some actions of late.
China pushing own metaverse industry
Global management consulting firm, McKinsey, put investment into the metaverse technology and infrastructure in the first five months of 2022 at more than $120 billion. Unlike 2021, it says the investment is more than double the past year’s $57 billion in the metaverse which relies on several technologies to function. They include blockchain, augmented reality, virtual reality, artificial intelligence, 3D reconstruction, and the Internet of Things. The metaverse industry has been hinted to be the next evolution of social connection, the future of the internet and a business opportunity.
The metaverse industry in China has been building up. A metaverse with Chinese characteristics is supposedly already in the making and with the potential to become a $8 trillion market.
One of the initiatives pushing the industry in China includes the formation of the metaverse committee called the Metaverse Industry Professional Committee by the state-backed China Computer Industry Association. It is saddled with drafting industry standards that would guide authorities as well as industry players on several related issues regarding roadmaps, funding for start-ups, and the exploration of use cases in sectors like commerce, tourism, healthcare, and education. The committee’s secretary general, Luo Jun, notes at the committee’s inaugural meeting online that the competitive internet sector is now at the fourth generation stage of the internet which is for the metaverse.
While experiencing growth at a global level, the industry is expected to grow differently in China though. The East Asian country has been deemed a promising market for the metaverse going by its massive and increasingly affluent user base.
According to the Chinese National Intellectual Property Administration (CNIPA), China has seen 16,000 trademark applications filed related to the term ‘metaverse’. The figure comes despite that several metaverse-related trademark applications, including submissions made by NetEase, iQiyi, and Xiaohongshu, were denied, the office noted. The growth rate has even caught the attention of the Chinese Banking and Insurance Regulatory Commission which had in February issued a notice that the space has been attracting scammers.