China’s Local Governments Are Spending Millions on the Metaverse
Local authorities across China are rolling out a series of subsidies and initiatives to attract metaverse-related businesses and talent, betting on the prospects of the emerging trend creating a global buzz. The metaverse refers to an immersive digital world with a combination of virtual reality, augmented reality, and the mobile internet. At least six provincial governments as well as local authorities in 10 cities — including Beijing, Shanghai, and Chongqing — have issued either development plans with a focus on the metaverse or specific supportive measures for people working in the field, public records showed.
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