The Chinese city of Zhengzhou has unveiled a policy draft aimed at promoting the development of the metaverse industry. The government is offering a range of incentives, including financial benefits, to attract metaverse-related companies to establish their presence in the city.
Under the proposed policies, metaverse companies that relocate their headquarters to Zhengzhou will be eligible to receive startup capital investments of up to 200 million yuan ($28.34 million). Additionally, these companies will qualify for rent subsidies and other perks. Even companies engaged in metaverse use case development, irrespective of their headquarters location, can receive up to 5 million yuan ($710,000) for each certified viable project.
To support the growth and development of the metaverse industry, the municipal government will establish a dedicated fund worth 10 billion yuan ($1.42 billion). The exact date for fund allocation has not been disclosed yet. Furthermore, the government envisions that the metaverse-related industries in Zhengzhou will generate an annual revenue exceeding 200 billion yuan ($28.34 billion) by the end of 2025.
These policies apply to local enterprises involved in metaverse-related technologies, such as virtual reality, augmented reality, and brain-computer interfaces. They also extend to the utilization of metaverse technologies in real-world industries like education, entertainment, and commerce.
In addition to the fund, Zhengzhou plans to collaborate with governmental agencies and investment firms to secure an additional 50 billion yuan ($7.08 billion) in funding for various metaverse-related development projects. The city also aims to incentivize metaverse companies by offering cash rewards upon their listing on China’s primary stock exchanges.
The policy draft recognizes the significance of blockchain technology, next-gen computer rendering, human-computer interfaces, and artificial intelligence in the metaverse industry. It also aims to create a digital asset market using nonfungible token (NFT) technology.
Zhengzhou is joining numerous other Chinese cities and provinces in their quest to become leaders in the country’s metaverse development. Shanghai, in particular, has set ambitious goals, forecasting an annual revenue of 350 billion yuan ($49.6 billion) for its metaverse industry by 2025.
In conclusion, Zhengzhou’s newly proposed policies and substantial investment aim to attract metaverse companies, foster innovation, and position the city as a prominent hub for metaverse development in China.
