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Shanghai Announces Action Plan to Develop Metaverse Industry

Mon, 22 Aug 2022
Categories: China Legal Trends

On 8 July 2022, the Shanghai Municipal People’s Government issued a series of policies to foster metaverse industry.

In the “Shanghai Action Plan for Fostering Metaverse (2022-2025)”, the government sets the following goals for the metaverse development:

  1. Develop the city’s metaverse industry scale to CNY 350 billion by 2025.
  2. Promote the city’s software and information service industry scale to over CNY1,500 billion and the electronic information manufacturing industry scale to over CNY 550 billion.
  3. Foster over ten innovative enterprises to become industry leaders and “chain leaders” with global competitiveness.

In fact, as early as the beginning of 2022, promoting the development of metaverse industries had appeared in the governmental reports of many cities, including Wuhan, Hefei, and Chengdu, all three of which are China’s leading tech cities after Beijing, Shanghai and Shenzhen.

 

 

Cover Photo by Yiran Ding on Unsplash

Contributors: CJO Staff Contributors Team

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