China’s Shandong province aims for $20B metaverse valuation by 2025

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The Chinese province of Shandong has unveiled plans to become a leading metaverse hub in the country as it targets attracting world-class industry firms.

Province officials disclosed their plans via a document, stating their intentions to plow in hefty sums to develop the local metaverse sector. Per the document, the province administrators expressed confidence that its metaverse industry could reach a valuation of 150 billion yuan (US$20 billion) before the end of 2022.

Led by the Shandong Provincial Department of Industry and Information Technology, the province has launched a four-day public consultation seeking opinion on its metaverse blueprint.

Aware of its lofty ambitions, the blueprint reels out several initiatives to assist the province in achieving its metaverse objectives. Top on the list is the proposed establishment of metaverse-related industrial parks designed to house at least 100 firms.

The industrial parks will also serve as a hub to incubate local firms with plans to provide regulatory, financial, and technical support for service providers.

The eastern Chinese province says it will support metaverse firms to obtain international and local patents to promote innovation. Per the statement, Shandong is eyeing at least 3,000 patents native to the province before the end of 2025.

Shandong’s metaverse ambition will see it embark on several initiatives to deepen the local blockchain talent pool to provide a steady stream of employees for service providers.

The entire metaverse push is expected to create thousands of jobs within the province, providing several use cases. Shandong’s plans could see the metaverse deployed in several key sectors, including tourism, education, and manufacturing.

The province’s metaverse firms will be leaning on the digital yuan as their default currency as part of efforts to trigger widespread usage, according to the statement. The central bank digital currency (CBDC) has already made its debut in several cities in the province, including Jinan, notably adopting it for its transportation sector.

China and its metaverse goals

After China imposed a blanket ban on digital currencies, it is widely expected the development in the local metaverse industry will be brought to a grinding halt. However, backed by government-led initiatives, public interest in digital worlds is at an all-time high, with several cities scrambling for pole position.

Beijing, Nanjing, and Shanghai have all released their metaverse plans, targeting astronomical growth for local economies. Not content with the flurry of activities in the country, the Chinese government is advocating for global regulatory standards to guide metaverse activities.

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