Friday, April 12, 2024

China Makes Bold Strides in the Race for Metaverse Dominance

Intensifying the global race for control over the metaverse, China’s Ministry of Industry and Information Technology (MIIT) has brought together a powerful alliance of tech powerhouses and leading academic institutions.

This ambitious coalition aims to lay the groundwork for industry standards in the burgeoning metaverse.

Race for Metaverse
Credit: DepositPhotos

A Unified Coalition for the Virtual Frontier

In a significant step bolstering the development of the metaverse, MIIT initiated the formation of a 60-member working group. This coalition comprises tech behemoths like Huawei, Tencent, Ant Group, and Baidu, and esteemed academic institutions, clearly demonstrating China’s growing investment in this space.

The group’s core responsibilities are to devise and update metaverse industry standards. The members will focus on critical areas such as application standards for manufacturing, communications, and digital humans.

In addition, there will be a concerted effort to cultivate talent in this sphere and contribute to the creation of international metaverse standards.

Noted tech industry analyst Liu Dingding provided insights into the group’s initiatives, emphasizing that the representational diversity of the working group will enhance the industry’s development efficiency.

Vision 2025: Nurturing Globally Influential Companies

China’s metaverse path gained considerable momentum following MIIT’s three-year action plan announcement last September. The ambitious plan calls for the fostering of three to five globally influential metaverse companies and stoking the growth of characteristic small and medium-sized players by 2025.

The action plan underscores the vital role of technologies like artificial intelligence (AI), blockchain, cloud computing, and virtual reality in the metaverse’s fabric.

The blueprint also calls for steering financial aid towards metaverse development and implementing tax and fee reductions for associated industries to spur growth.

Striking the Practical Application Balance

China's Metaverse Visions

While the global metaverse race is rapidly escalating, Liu Dingding pointed out that Chinese companies are putting a strong emphasis on practical applications of these technologies to empower the real economy. “The use of digital humans and virtual environments can boost productivity and reduce costs for businesses,” Liu said.

Backing this sentiment, a recent report by Chinese consulting firm CCID Consulting predicts the metaverse will drive significant innovation across industrial, cultural tourism, educational, and other application sectors by 2024.

By 2026, China’s metaverse industry could potentially be worth nearly 180 billion yuan ($25.29 billion). Moreover, it forecasts that by 2035, China’s AI industry might scale up to a staggering 1.73 trillion yuan.

As the age of the metaverse dawns, this blend of policy support and technical innovation underlines China’s commitment to being a leading player in this new digital frontier.

This forward-thinking approach reflects the country’s focus on long-term growth and its ambition to foster globally leading companies in the metaverse realm.

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