China's Shandong Province sets ambitious $20.5 billion metaverse goal by 2025In a bold move, China’s Shandong province has released draft guidelines to boost its metaverse industry, targeting a market size of 150 billion yuan (US$20.5 billion) by 2025. The eastern Chinese province is soliciting public feedback on the guidelines until September 8.
A comprehensive plan for metaverse development
The Shandong provincial government has outlined a comprehensive plan to foster the growth of its metaverse industry. The plan includes the construction of several metaverse-related industrial parks and the nurturing of at least 100 metaverse firms. Additionally, the local government aims to facilitate companies in applying for at least 3,000 international and domestic patents by 2025.
The draft guidelines define the metaverse as “a novel virtual and physical integrated digital space that combines various information technologies such as virtual reality, digital twinning, blockchain, internet of things, 5G and 6G, as well as artificial intelligence.” This broad definition reflects the province’s ambition to be a leader in this emerging field, leveraging multiple technologies to create a cohesive digital ecosystem.
China’s growing blockchain and metaverse ambitions
In September 2021, China banned all cryptocurrency transactions. However, the country is still optimistic about its own blockchain technology and digital economies. Major Chinese technology companies such as Alibaba and Tencent are concentrating on building their own consortium blockchains. In May, the Beijing government issued a white paper with the aim of promoting innovation and development in the Web 3.0 industry. The government is also working to establish Beijing as a worldwide innovation center for the digital economy.
Recently, Sichuan province released a draft action plan that aims to expand its metaverse industry and hit a market size of $34.4 billion by 2025. This development suggests that Shandong’s plan to dominate the metaverse and blockchain spaces is part of a larger national strategy.
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