Zhejiang Province to Promote China Metaverse Industry

• Zhejiang Province in China has formed a Metaverse Association to boost local industry.
• The association plans to increase its membership to 200 members and a $28 billion Metaverse industry by 2025.
• The association will suggest development plans for the Metaverse industry and work with regulators to ensure compliance.

China's Zhejiang Province announced the launch of a Metaverse Association to encourage local industry innovation and growth. The association is headquartered in the province's capital of Hangzhou and comprises 91 local Metaverse companies. Its president, Professor Tan Jiangrong, plans to increase its membership to 200 firms by the end of 2025. In fact, the association's launch is part of Zhejiang's plan to become a leading hub for China Metaverse industry development. The province has set a goal of achieving a thriving Metaverse industry worth over $28 billion by 2025.

Moreover, in addition to promoting innovation and growth, the Zhejiang Metaverse Industry Association will also provide the government with suggestions on formulating Metaverse industry development plans and collaborating with regulators to enforce them. Furthermore, the association will also work to link cooperation and exchanges between domestic and foreign enterprises. Finally, it plans to introduce domestic and foreign outstanding talents and enterprises to the province.

Chinese Metaverse Strategy

Zhejiang Metaverse Industry Association launch is the latest sign of the heated race to develop the Metaverse in China. It follows China Mobile's latest Metaverse Program. It aims to invest in copyright protection, marketing support, and R&D efforts. Several other Chinese cities have also announced extensive investment plans in their local Metaverse industries. Among those there are Shanghai, Guangzhou, Hefei, and Nanjing.

The Metaverse is an exciting technological advancement that has the potential to revolutionize various industries. However, it's crucial to recognize that its development relies on physical materials, primarily extracted from China. Recently, the Zhejiang Metaverse Industry Association was launched, indicating China's commitment to becoming a significant player in the Metaverse realm. This launch also underscores China's current global digital dominance, further solidifying its position as a leading global player in the tech industry. As the Metaverse continues to evolve, it will be interesting to see how China's involvement shapes its trajectory and impacts the global digital landscape.