- China’s Suzhou city has joined other Chinese cities seeking metaverse hub status.
- Suzhou will allegedly build 30 exemplary metaverse application scenarios by 2025.
- Shanghai also formed its first metaverse industrial fund in December 2022.
On Wednesday, the city of Suzhou, which has a population of 12 million people and is located in the Jiangsu Province of China, unveiled a plan to become a hub for the development and innovation of the metaverse. The city’s goal is to attract more than 200 companies working in the virtual reality technology industry by the year 2025.
It is crucial to note that plans for the metaverse development have been issued in the Chinese cities of Beijing, Guangzhou, Chongqing, and Jinan, as well as in the provinces of Zhejiang and Henan.
However, according to its plan, Suzhou will build 30 exemplary metaverse application scenarios by 2025. These will focus on healthcare, tourism, education, and city administration. The city has not disclosed the budget for its plan.
Additionally, Suzhou targets metaverse-related industries to be worth 200 billion yuan (US$29.77 billion) by 2025, though it will have plenty of competition in China, according to experts.
The city of Shanghai, the country’s financial hub, also has ambitions to create metaverse businesses and formed its first metaverse industrial fund in December 2022. According to reports, the fund’s goal is to raise 1 billion yuan, equivalent to around $149 million in the United States.
On the same accord, municipal officials announced their intention to establish a fund of more than 10 billion yuan, according to claims from local media. This announcement was alleged to encourage sectors connected to the metaverse during the 2022 Shanghai Global Investment Promotion Conference, which took place in the middle of June.
At the conference, Shanghai released investment promotion plans for the four “new tracks” of the metaverse, green and low-carbon, smart terminals, and digital economy.