China: Metaverse Industry Expected to Grow to $34 Billion in Sichuan

Lavina Daryanani
Source: Bernard Marr

The government of China’s Sichuan province intends to grow the metaverse industry to 250 billion yuan [roughly $34.4 billion] by 2025. Regulators recently released a draft action plan outlining how the government is looking to build a host of metaverse-related industrial parks. Furthering its ambition, the official document revealed that the government is willing to support at least 15 top metaverse firms.

Even though China announced a nationwide ban on crypto in 2021, it remains optimistic about other related technologies. In May, the region released government-backed metaverse policy proposals to support the development of the industry within its borders. As reported by WatcherGuru, the Chinese province of Zhengzhou revealed policy drafts as part of its initiatives within the sector. Parallely, China is also optimistic about blockchain technology. It is expected to develop related infrastructure in Shanghai by 2025.

Also Read: China to Develop Blockchain Infrastructure in Shanghai by 2025

The need for open co-operation

Sichuan’s government revealed that it will work to optimize blockchain infrastructure, develop cross-chain control, and bolster privacy protection. According to the details laid out in the draft plan, the government will also work towards improving digital governance. It will also come up with better regulations pertaining to data security in metaverse settings. Revealing how it would strengthen financial security, the translated version of the document indicated that the government intends to,

“Give full play to the role of various policies such as taxation, subsidies, and interest discounts to guide industrial development.”

Furthermore, the government encouraged financial service institutions to actively increase their support for the metaverse industry, explore digital asset pledge methods, and promote the digital development of enterprises. It also called for open cooperation and asked entities to hold exhibitions and exchange activities for metaverse products. Alongside, it also stressed the importance of research and development to further improve innovation within this sector. The government is open to public feedback on its action plan until August 22.

Also Read: Japan: Crypto Volume Up 60%, Top Firm to Unveil Metaverse Project