On May 24, the Chinese city of Zhengzhou announced a series of policy proposals to support meta version companies operating in the region. As part of the initiatives, the city government will set up a dedicated fund worth 10 billion yuan ($1.42 billion) to support growth and development in the industry.
According to the government proposal, metaverse companies that choose to relocate their headquarters to Zhengzhou will have the opportunity to receive an initial capital investment of up to 200 million yuan ($28.34 million). Companies will also be entitled to other benefits, including rent subsidies.
Any company developing metaverse use cases in the city—regardless of its headquarters location—will have the opportunity to receive up to 5 million yuan ($710,000) for each project certified as viable by the city government.
The specific date of fund allocation has not yet been published. In addition to unveiling funding policies, the Zhengzhou city government also outlined its long-term vision for the city’s meta-version development. It predicts that Zhengzhou’s meta-related industries will reach an annual income of more than 200 billion yuan ($28.34 billion) by the end of 2025.
These policies apply to local businesses operating in two distinct areas: 1) research efforts focused on meta-related technologies such as virtual reality, augmented reality, and brain-computer interfaces; and 2) the use of metaverse technologies in real-world industries such as education, entertainment, and commerce.
In addition, the government will work with other government agencies and investment firms to secure an additional 50 billion yuan ($7.08 billion) in funding to support various development projects related to the meta version. In addition, the city intends to offer metaverse companies cash rewards for their listing on China’s primary exchanges.
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The plan includes blockchain – a key technology in the industry metaverse – along with next-generation computer rendering, human-computer interfaces and Artificial Intelligence. In addition, it aims to create a market for digital assets with use unfungible token technique.
Zhengzhou has joined a constellation of Chinese cities and provinces vow to become the leaders in the development of the meta version of the earth. The southeastern metropolis of Shanghai is actively pursuing its metaverse aspirations, forecasting its metaverse industry will reach 350 billion yuan ($49.6 billion) in annual revenue by 2025.
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