On August 23, the Chinese local government body announced the “Beijing Urban Sub-Centre Metaverse Innovation and Development Action Plan (2022 -2024)”.
The Beijing Municipal Department of Tongzhou District released the Web3 innovation plan according to the translated document. It noted, “To systematically promote the development of metaverse-related industries in the city’s sub-centre, create an urban technological innovation highland with distinctive digital characteristics, and make Beijing a benchmark city for the digital economy.” Help us, this action plan has been specially prepared.”
Earlier in July, the Shanghai city government unveiled its plan to develop a 350 billion yuan (about $51 billion) metaverse industry by the end of 2025.
Integration of digital and real economy
This time too, the local body commented that they would actively encourage the innovation and development of the Metaverse region in the sub-centre as well as the closer coupling of the digital and physical economies. The statement also outlined, “Strengthen the government’s overall plan, build a solid foundation for the digital infrastructure of the Metaverse industry, build a systematic intellectual property protection system, and create multi-level industry standards and consensus.” encourage the creation of,” as part of the plan.
However, despite extensive plans to promote Web3 development, some fundamental concerns of government centralization remain. Happen[In]Crypto previously outlined that as China continues to ban private cryptocurrencies and push for stricter regulations for NFTs, it sees a bright future in blockchain technology.
In fact, Web3, Metaverse, and NFTs were considered important components of Shanghai’s five-year economic recovery plan. Therefore, the new announcement comes at a time when China’s growth forecast has suffered a setback and unemployment is at worrying levels. Goldman Sachs has lowered China’s forecast for 2022 full-year GDP growth from 3.3% to 3.0% and most recently by Citi from 3.9% to 3.5%.
Metaverse as a recovery plan
Conversely, despite the fact that many in the tech sector are feeling the pinch from an uncertain global economy that has resulted in layoffs and hiring halts, the emerging metaverse industry is now accelerating recruitment in China, according to a recent report. has been mentioned in .
So in particular, the plan also focuses on how the construction of sub-centre cities and the concentration of industrial development are closely related to the development of the metaverse. It notes, “Through wide opening scenarios relying on cultural tourism areas, the Grand Canal cultural belt, and specific towns, etc., it will drive enterprise development and industrial farming, thereby pulling a full chain.”
That said, as of March, an estimated 4,000 Chinese companies had Expansion His appearance in the metaverse space. Back in June, the Hang Seng China Metaverse Index was launched to track the performance of Chinese companies that are involved in metaverse businesses.
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