According to the latest reports by China Global Television Network (CGTN) and the South China Morning Post (SCMP), China has officially launched a three-year action plan to spur the innovative development of the metaverse industry.

The plan, which will be in effect from 2023 to 2025, was jointly announced by five Chinese ministries, including the Ministry of Industry and Information Technology. It aims to integrate new-generation information technologies like artificial intelligence, blockchain, cloud computing, and virtual reality into the metaverse.

The action plan outlines five major tasks for the development of the metaverse industry in China:

1. Developing advanced technological and industrial systems.
2. Creating a 3D interactive industrial metaverse.
3. Designing immersive and interactive digital life applications.
4. Establishing comprehensive industrial support systems.
5. Implementing a secure and credible industrial governance framework.

According to the plan, the metaverse is an immersive, interconnected space where the digital and physical worlds converge. It is not only a future industry that integrates innovation and new-generation information technologies but also a sophisticated form that merges the digital and real economies.

The plan emphasizes that the metaverse is expected to lead the development of next-generation internet technologies. It also aims to accelerate the intelligent and eco-friendly modernization of manufacturing sectors, thereby supporting the construction of a modern industrial system. Additionally, China aims to build “three to five industrial clusters” around emerging technologies by 2025, focusing on key breakthrough applications and governance.

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The metaverse is expected to find applications in various sectors, including home appliances, automotive, aerospace, steel, and textiles. These industries can leverage metaverse technologies to optimize scheduling, material calculation, and other parts of the production process. Information sourced from SCMP.

Over the three years, the plan aims to achieve significant advancements in technology, application, and governance within the metaverse industry. The goal is to make the metaverse a key growth sector in China’s digital economy and elevate its global standing.

Along with the Ministry of Industry and Information Technology, other ministries such as education and tourism, as well as the State Council’s state-owned enterprise regulator and the National Radio and Television Administration, were involved in issuing the document. This highlights the multi-sectoral approach China is taking in developing the metaverse industry. Information sourced from SCMP.

In the long run, the plan aims for major breakthroughs in core metaverse technologies such as data flow, content generation, digital twins, and perception and interaction. The ultimate objective is establishing a world-leading metaverse industrial ecosystem and creating a mature, sustainable industrial development environment.

China is betting on the metaverse. Chinese metaverse stocks are soaring, and yet crypto can’t catch a bid to save its life.

We’re going to goblin town. https://t.co/LBRtTdx99N

— Adam Cochran (adamscochran.eth) (@adamscochran) September 11, 2023

Featured Image via Midjourney

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• Source: https://www.cryptoglobe.com/latest/2023/09/china-unveils-comprehensive-three-year-action-plan-to-advance-metaverse-industry/