The Chinese city of Zhengzhou announced a series of policy proposals to support metaverse companies operating in the region.
May 24, The Chinese city of Zhengzhou announced a series of policy proposals to support metaverse companies operating in the region., As part of the initiative, the municipal government will create a special fund of 10 billion yuan (US$1.42 billion) to promote the development and growth of the area.
According to the draft of the government, Metaverse companies that decide 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). Businesses would also be eligible for other benefits, such as a rental subsidy.
Any company dedicated to the development of metaverse use cases in the city – regardless of the location of the headquarters – There will be an opportunity to receive 5 million yuan (USD 710,000) for each project that the municipal government certifies as viable.
At present, the specific date for the allocation of funds has not been disclosed. In addition to unveiling funding policies, the Zhengzhou municipal government has also outlined its long-term vision for the development of the Metaverse in the city. It forecasts metaverse-related industries in Zhengzhou to reach annual revenues 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 metaverse-related technologies, such as virtual reality, augmented reality and brain-computer interfaces; and 2) the use of Metaverse technologies in real world industriessuch as education, entertainment and commerce.
In addition, the government will cooperate with other government agencies and investment firms to secure another 50 billion yuan ($7.08 billion) in funding to support various metaverse-related development projects., In addition, the city intends to offer cash rewards to Metaverse companies when they list on China’s major stock exchanges.
The plan incorporates blockchain – a key technology in the metaverse industry – along with state-of-the-art computer rendering, human-computer interfaces and artificial intelligence. Furthermore, it intends to create a marketplace for digital assets with non-fungible token technology.
Zhengzhou joins a growing number of Chinese cities and provinces that promise to be leaders in the country’s metaverse development. The southeastern metropolis of Shanghai is actively pursuing its metaverse aspirations, predicting that its metaverse industry will achieve annual revenue of 350 billion yuan ($49.6 billion) by 2025.
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