China has released government-backed metaverse policy proposals to support the development of the industry within its borders. Specifically, the city of Zhengzhou has announced the policy drafts as part of its initiatives within the sector.
The development follows the previous news of the country’s government-backed metaverse platform in the city of Nanjing. Moreover, the recent policy proposals will bring forth a 10 billion yuan ($1.42 billion) fund for China’s metaverse development.
China Unveils Metaverse Policy Drafts
In an effort to maintain its commitment to the sector, China has released government-backed metaverse policy proposals. Specifically, the Chinese city of Zhengzhou has brought forth the drafts that would proceed the industry’s development within the country.
According to those drafts, companies developing metaverse technology that relocate their headquarters to the Chinese city will receive a startup investment of 200 million yuan ($28.34 million). Moreover, the companies could receive additional benefits based on their qualifications.
Additionally, regardless of their headquarters location, companies that engage in the development of use cases in Zhengzhou could receive funding. Specifically, these companies could earn up to 5 million yuan ($710,000) for every project whose viability is certified by the government.
There is no date yet determined for when these funds will be granted. Moreover, the policy drafts accompany a long-term metaverse plan for the city. Subsequently, it has foreseen a massive metaverse industry, with annual revenue that could exceed 200 billion yuan ($28.34 billion) by 2025.
The funding is applied to companies that are exploring two distinct avenues of metaverse development. Firstly, the research focused efforts on technologies like virtual reality. Secondly, the usage of such technologies, and the practicality of their integration into educational and entertainment realms.