China Partners with Tech Giants for Metaverse Industry Advancement, Forms Working Group
In Brief
Chinese MIIT will form a working group with the government, academia, and major tech companies to standardize the metaverse sector.
Chinese Ministry of Industry and Information Technology (MIIT) announced the formation of a working group comprising representatives from the government, academia, and major technology corporations, including Huawei, Ant Group, Tencent, Baidu, NetEase, and Sense Time to advocate for standardization within the metaverse sector as per official notice released on Friday.
This initiative aligns with the second-largest economy’s efforts to foster the growth of the metaverse sector and establish industrial standards for it.
The establishment of the task force aligns with the country’s objective to promote the growth of the emerging industry. According to a previous document released by the MIIT in September, the formulation of basic standards, including metaverse terminology and reference architecture could be beneficial for unifying consensus among stakeholders.
“It helps reduce redundant investment costs and creates a collaborative force to drive industrial development,” said the MIIT representative.
According to the ministry, there is presently no consensus among academia, industry, and research sectors regarding the definition of the metaverse. The intense speculation driven by certain capital and businesses capitalizing on the metaverse’s popularity has caused the concept to deviate far from its practical value. This, to a certain extent, hinders the development of the metaverse industry.
China Embraces Blockchain Growth
China promotes the development of metaverse, non-fungible tokens (NFTs) and decentralized applications (DApps) within the context of embracing blockchain technology in the country. This commitment remains evident despite the existence of a local cryptocurrency ban.
Recently, the MIIT expressed its intention to create strategy documents with the aim of offering clarity on the development path of Web3. The focus of these documents extends to government affairs and industry sectors, promoting the advancement of NFTs and DApps, accelerating innovative applications of Web3, and fostering the establishment of a digital ecosystem.
Last year, several local governments made commitments to foster the development of the metaverse industry. Sichuan, situated in the southwest of China and previously known as a crypto mining hub before the country implemented a mining ban, stated in August its objective to expand its metaverse industry, targeting a market size of $35 billion by 2025.
The local authorities outlined an action plan that encompasses the establishment of metaverse-related industrial parks and the support of at least 15 metaverse firms. Specific initiatives involve enhancing blockchain infrastructure, strengthening measures for privacy protection, and advancing cross-chain control.
Shandong province also announced its intention to advance metaverse-related initiatives within the province, aiming to achieve a market size of $22 billion by 2025.
The MIIT’s recent announcement highlights China’s broader efforts to foster growth for the emerging metaverse industry.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
