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Chinese City Unveils Metaverse Policy Draft to Boost Industry Development

Key Takeaways
  • Zhengzhou, China, introduces policies to support and attract Metaverse companies, including a dedicated fund of 10 billion yuan.
  • The policies offer incentives such as startup investments and rent subsidies to companies relocating to Zhengzhou or working on metaverse projects.
  • Zhengzhou aims to become a leading metaverse hub, with plans to generate over 200 billion yuan in annual revenue by 2025.
26-May-2023 By: Aditi Tiwari
Chinese City Unveils

Zhengzhou, a city in China, is taking steps to support and attract metaverse companies. 

They have introduced new policies to encourage growth in this emerging industry. One of the main initiatives is a dedicated fund worth 10 billion yuan ($1.42 billion) to help metaverse businesses.

Under these policies, metaverse companies that move their main offices to Zhengzhou can receive a startup investment of up to 200 million yuan ($28.34 million). They may also get other benefits, such as help with rent.

Even companies working on metaverse projects in Zhengzhou, regardless of where they are based, can apply for funding. If their projects are approved, they can receive up to 5 million yuan ($710,000) from the city government.

The government of Zhengzhou has big plans for the metaverse industry. They aim to generate more than 200 billion yuan ($28.34 billion) in annual revenue by 2025.

These policies are meant to support local companies involved in metaverse research and development. It includes technologies like virtual reality, augmented reality, and brain-computer interfaces. They also want to encourage the use of metaverse technologies in fields such as education, entertainment, and commerce.

To further boost the metaverse sector, the government will work with other agencies and investors to secure an additional 50 billion yuan ($7.08 billion) in funding. They also plan to offer cash rewards to metaverse companies when they list their stocks on China's main stock exchanges.

Zhengzhou Embraces Metaverse Innovation with Ambitious Plan and Supportive Policies

The comprehensive plan includes important technologies like blockchain, advanced computer graphics, human-computer interfaces, and artificial intelligence. They also want to create a market for digital assets using non-fungible token (NFT) technology.

Zhengzhou is joining other cities in China that are focused on developing the metaverse industry. Shanghai, for example, is aiming for annual revenues of 350 billion yuan ($49.6 billion) from the metaverse by 2025.

The policies introduced by Zhengzhou are aimed at creating a supportive environment for metaverse companies, attracting investments, and encouraging innovation in this exciting industry. By providing financial support and incentives, the city hopes to become a leading metaverse hub in China.

Also read- Elon Musk Questions Legality of OpenAI's For-Profit Shift After $50M Investment

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