In a move that showcases China’s unwavering commitment to technological advancement, the southwestern province of Sichuan has unveiled ambitious plans for the metaverse. Once a hub for crypto mining before the nationwide ban in 2021, Sichuan is now setting its sights on becoming a leader in the metaverse industry. The province aims to expand this nascent sector to an impressive market size of 250 billion yuan (approximately $34.4 billion) by 2025.
This bold vision was outlined in a draft action plan released on Wednesday. The Sichuan provincial government has expressed its intent to establish several industrial parks dedicated to metaverse development. Furthermore, they aim to foster and support at least 15 leading metaverse companies in the coming years. But the plans don’t stop there. The local government is keen on optimizing blockchain infrastructure, amplifying privacy protection measures, and pioneering cross-chain control developments.
A significant area of focus for Sichuan will be the enhancement of digital governance. The province recognizes the importance of formulating robust regulations, especially concerning personal information protection, internet safety, and data security within the metaverse. This proactive approach is a testament to Sichuan’s commitment to creating a secure and thriving digital ecosystem. The draft plan is currently open for public feedback, with the window closing on August 22.
But what does this mean in the broader context of China’s relationship with blockchain and the digital realm? While it’s true that China took a hard stance against cryptocurrency transactions in September 2021, the nation’s enthusiasm for blockchain technology and the digital economy remains undiminished. Major Chinese tech behemoths, including Alibaba and Tencent, are actively developing their consortium blockchains.
In May, Beijing took a significant step by releasing a white paper that promotes the innovation and growth of the Web 3.0 industry. The overarching vision is clear: China wants to position Beijing as a global hub for digital economy innovation.
In conclusion, Sichuan’s ambitious plans for the metaverse signal China’s broader strategy of embracing the digital future. While the road ahead is long and filled with challenges, the province’s commitment to innovation, security, and growth is a promising sign for the future of the metaverse in China and the world.
