Shanghai includes Metaverse in its development plan


Shanghai, China’s most populous city, is looking for ways to use the metaverse in public services over the next five years.

The Shanghai Municipal Economy and Information Technology Commission five-year development plan for the electronic information industry has listed four frontiers to explore, and one of them is the metaverse.

According to a CNBC report, the document called for promoting the use of the metaverse in utilities, business offices, social recreation, industrial manufacturing, production safety and electronic games. The commission plans to encourage further study and development of underlying technologies, such as sensors, real-time interactions and blockchain technology.

China’s interest in new technologies has not waned in recent years. China’s efforts to establish a central bank digital currency (CBDC) and its use of digital biometric hardware wallets for the virtual yuan have cemented it as a leader in issuing a CBDC.

In March, the Chinese State Council released its five-year development plan which included many of these same exploration fronts. As Cointelegraph reported, the term “blockchain” was first used in China’s 14th Five-Year Plan, a document that outlines the country’s economic goals for the next five years, which runs from 2021 to 2025.

Related: Chinese companies embark on a metaverse brand race

The metaverse has become an area of ​​interest for many large companies in recent months. In October, Facebook changed its name to Meta to capitalize on the popularity of the term metaverse.

Despite the People’s Bank of China (PBOC) warning on metaverse and non-fungible tokens (NFTs) in November, more than 1,000 Chinese companies have filed tens of thousands of trademark applications referring to the term. More than 1,360 Chinese companies have registered 8,534 brands, according to the South China Morning Post.

Chinese companies are developing metaverse technologies, with Baidu, Tencent and Alibaba among those aggressively working on related projects. Baidu last week launched its XiRang metaverse app, which will be fully launched in six years.