Shanghai Has Made Metaverse a Part of Its Long-term Growth Strategy

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The employment of a metaverse in public services, enterprises, leisure, and industrial manufacture is part of Shanghai’s 5-year strategy.

Over the next five years, Shanghai, China’s most populated city, is exploring methods to use a metaverse in public services.

The metaverse is one of four frontiers for exploration identified in the Shanghai Municipal Commission of Economy and Information Technology’s five-year development plan for the electronic information industry.

According to a report by CNBC, the study recommended boosting the use of the metaverse in public services, company offices, social leisure, industrial manufacturing, production safety, and electronic games. The commission wants to stimulate more research and development of underlying technologies including sensors, real-time interactions, and blockchain.

China’s interest in new technology has remained consistent in recent years, and its efforts to build a central bank digital currency (CBDC) and use of digital biometric hardware wallets for the virtual yuan have solidified it as a leader in CBDC issuance.

China’s State Council unveiled its five-year development plan in March, which includes several of these same exploration fronts. The term “blockchain” was used for the first time in China’s 14th five-year plan, according to Cointelegraph. The document outlines the country’s economic goals for the next five years, from 2021 to 2025.

In recent months, the metaverse has piqued the interest of several prominent corporations. Facebook changed its name to Meta in October to capitalize on the growing use of the word metaverse.

Despite the People’s Bank of China’s warning in November against metaverse and nonfungible tokens, over 1,000 Chinese companies have applied for tens of thousands of trademarks that include the phrase. According to the South China Morning Post, more than 1,360 Chinese companies have applied for 8,534 trademarks.

Metaverse technologies are being developed by Chinese corporations, with Baidu, Tencent, and Alibaba among those actively working on related projects. Baidu introduced its XiRang metaverse app last week, which will be fully operational in six years.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.