China to create financial center for metaverse and emerging technologies

The China announced recently the creation of a financial and commercial center that will drive the metaverse and other emerging technologies in order to recover the impact left on the economy by the Covid-19 pandemic.

For the materialization of the plans, China will invest another BRL 1.1 trillion in the metaverse, low-carbon projects and smart terminal industries that will enable the development of emerging technologies to be boosted by 2025.

The head of the Shanghai Economic and Technology Committee, Wu Jincheng, reported that the metaverse and smart terminals will drive new schemes and business models that will enable the country’s economic growth.

China and its interest in the metaverse

In the document sent by the General Office of the Shanghai Municipal People’s Government, plans were established for an industrial fund, with around $1,47 billion, dedicated exclusively to the development of the metaverse.

This funding will help create 10 large companies and 100 micro companies focused on Web3, aiming to launch at least 100 benchmarking products and services by 2025.

Big companies are betting on growth

In recent months, the world’s large companies have shown great interest in the metaverse and the opportunities offered for growth and establishment of projects in this new virtual universe.

The data exchange hub, Shanghai Data Exchange, launched a metaverse recruitment program last March, which allowed candidates to virtually send their CVs to different departments.

Likewise, the government of China continues to encourage companies to conduct research in the areas of virtual reality and augmented reality for greater adoption of these technologies.

However, officials also said in the document that they are committed to protecting the public from “excessive financial speculation and malicious exaggeration” of metaverse-related projects.