The Chinese Ministry of Industry and Information (MIIT) has assembled a team from universities and leading tech firms in that country to set up standards to support the development of the metaverse industry.
The team has been mandated to build, maintain, and promote metaverse industry standards in China as the country moves to be a global metaverse industry hub.
It will comprise tech industry giants like Tencent, Baidu, Huawei, Lenovo Group, NetEase, and Ant Group, as well as members from top-ranking universities like Peking University, Fudan University, and other prominent institutions.
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Global metaverse recognition
The development also comes as the Chinese metaverse city industry is projected to grow to $104 billion yuan by 2025, with Shanghai getting global recognition as the top metaverse city.
Now the new 60-member body will, according to The Global Times, be responsible for the development and revision of the metaverse industry standards. The group will also carry out research on the application of the technology in several industry aspects, as well as training in the use of the technology.
Tech analyst Liu Dingding told Global Times that the group appointed represents the leading companies and institutions in the country and is set to enhance how the industry progresses. She also highlighted how the Chinese are more focused on practical applications of metaverse technology as compared to their Western counterparts.
“The use of digital humans and virtual environments can boost productivity and reduce costs for businesses,” Dingding said.
Chinese efforts come as the race for the metaverse continues, with several global cities vying to be leaders in these sectors. In 2021, social media giant Facebook changed its name to Meta Platforms as the firm sought to fully embrace the metaverse concept, “the next chapter of the internet.”
The following year, Meta, together with Microsoft and other tech firms, took the initiative of creating the Metaverse Standards Forum. This also included Chinese tech giants Huawei and Tencent.
China’s metaverse interests
The Chinese ministry announced a three-year plan in September 2023 with the goal of empowering up to five global metaverse companies and some small to medium firms. Areas of focus include AI, blockchain, VR, and cloud computing.
The metaverse industry, which is also on the rise, has seen some countries and organizations start working on regulatory measures to create safe spaces for users.
A report by CCID, a Chinese consulting firm, states that the metaverse is set to play a major role in driving innovation within several sectors of economies. China’s metaverse industry is projected to continue on a growth trajectory into 2028.
Other Chinese cities leading the metaverse industry
According to SCMP, several local governments in China are prioritizing metaverse industries as the race to lead in the concept intensifies.
Beijing is anticipating a leadership role in the metaverse industry and last year released a joint plan to build at least three companies “with global influence” by 2025.
Shanghai has also planned to set up government and private sector funding specifically for metaverse developments. Tongzhou district has also pledged to have over 100 metaverse-related firms by year-end.
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