On August 23, the Beijing city administration unveiled a two-year metaverse innovation and development plan (2022-2024), mandating that all districts follow the recently issued Web3 innovation plan. A visual urban area digital platform would be built as part of the development programme, and the layout of digital native intelligent infrastructure would be suitably advanced through the integration of technical tools like 3D visualisation and GIS (Geographic Information System).
The action plan also specifies that different municipalities must develop technology infrastructure at the city level and encourage its adoption in a number of industries, including tourism and education.
According to the action plan, the Metaverse is a new wave of information technology innovation and integration that will propel the internet’s development into Web 3. Beijing is working to become a model city for the digital economy, and the innovation strategy is primarily focused on fostering the growth of industries related to the metaverse.
Its goals are to promote intelligent and interactive online education models, support digital teaching platforms for the entire sector, assist digital learning alternatives, and support deep collaboration between Metaverse-related technology businesses and educational institutions.
Despite China’s well-known anti-crypto sentiment, the country’s leadership began to show interest in the metaverse idea in early 2021. Shanghai’s five-year growth plan likewise featured the metaverse before Beijing did. However, the government’s interest in emerging technology hasn’t led to any advantageous laws for tech companies testing the same concept.
Municipalities and districts have also been directed under the Metaverse Development Action Plan to provide financial and human resource support for the creation of a virtual reality. Tracking nonfungible token (NFT) technology trends and investigating regulatory testing programmes were also sought by the Beijing city administration in order to spur innovation.
Two significant Chinese cities have recently made public multi-year action plans with an emphasis on the Metaverse and NFTs. As with its central bank digital currency (CBDC), which millions of people are now using in the trial phase, the Chinese government’s growing interest in cutting-edge Web3 technology may result in broader acceptance in the nation.