Shanghai seeks to promote economic expansion by utilizing new technologies
The most populated city in the most populous nation in the world formally outlined plans to increase support for metaverse technologies over the following five years. Other technologies like blockchain, NFTs, and Web3 were also addressed, but it is yet unclear what role these would play in the future.
A draft of Shanghai’s “14th Five-Year Plan for the Development of Shanghai’s Digital Economy” was made public on July 13. The administration promised to support “the profound integration of digital technology and the real economy” in the report. The statement continued by saying that “scientists evaluating technology prospects” and “entrepreneurs discovering market need” will accomplish this.
According to reports, 10 billion Yuan ($1.5 billion) had been set aside to carry out the plan. The government of Shanghai is hoping that the investment would promote economic expansion and recovery.
Ten “leading” businesses that will operate as “chain-owner enterprises” will be created with government-directed investment. These substantial businesses will engage in international competition. The basic metaverse technology will be mastered by about 100 smaller companies.
In a press conference held on July 8th, Wu Jincheng, the head of Shanghai’s Economy and Information Technology Committee, announced that these businesses would collaborate to achieve the goal of “benchmarking products and services.”
The metaverse appears to be the plan’s main focus, even if it mentioned developing NFTs and other cryptocurrency projects like blockchain and Web3. The governing body of Shanghai will quicken the development of the metaverse platform and promote virtual sports, concerts, and other forms of digital entertainment.
Investments made in the metaverse, according to Mr. Wu, “will propel the transformation and upgrading of numerous industries in the actual economy.” He continued by stating that the metaverse has a “great market value.” By 2025, it is expected that these three industries would bring in a total of $224 billion.
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