In a proactive move to bolster the burgeoning metaverse industry, China’s Ministry of Industry and Information Technology (MIIT) has announced the formation of a standard-setting working group. This influential 60-person group comprises industry titans such as Huawei, Tencent, Ant Group, and Baidu, in addition to top-tier universities and institutions.
The primary mandate of this working group is to develop and refine industry standards for the metaverse. This encompasses comprehensive research on application standards for manufacturing, communications, and digital humans. The group is also committed to talent development and active participation in crafting international standards for the metaverse.
According to Liu Dingding, a tech industry analyst, the collaborative efforts of this working group, representing leading entities in the field, aim to streamline mechanisms and enhance the industry’s overall efficiency.
China’s commitment to advancing the metaverse gained momentum following the MIIT’s announcement of a three-year action plan in September. This strategic plan underscores the nurturing of three to five globally influential metaverse companies and supporting characteristic small and medium-sized enterprises by 2025.
Central to this initiative is the integration of cutting-edge technologies such as artificial intelligence (AI), blockchain, cloud computing, and virtual reality within the metaverse. The plan also advocates guiding financial support towards metaverse development and implementing tax and fee reductions for related industries.
The global competition in the metaverse space is intensifying. Analyst Liu noted that, in comparison to Western counterparts, Chinese companies are distinctly focused on practical applications and leveraging these technologies to empower the real economy.
“The utilization of digital humans and virtual environments can significantly enhance productivity and reduce costs for businesses,” Liu remarked.
A report by Chinese consulting firm CCID Consulting predicts that the metaverse will be a key driver of innovation in industrial, cultural tourism, educational, and other application sectors by 2024. The forecast anticipates that China’s metaverse industry will attain a scale of nearly 180 billion yuan ($25.29 billion) by 2026. Additionally, the report projects that the AI industry in China will reach a scale of 1.73 trillion yuan by 2035.
