China’s Metaverse Initiative: Huawei, Tencent, and Baidu Taking the Lead!

MetaversePlanet January 30, 2024Last Updated: August 14, 2024

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China’s Ministry of Industry and Information Technology (MIIT) has launched a significant initiative to mainstream the metaverse. This initiative includes the formation of a dynamic working group comprising key industry players such as Huawei, Tencent, Ant Group, and Baidu, along with renowned academic institutions and experts.

MIIT has announced a comprehensive three-year action plan to promote metaverse growth. A primary objective of this plan is to develop and support three to five globally influential metaverse companies by 2025, with a special focus on aiding small and medium-sized enterprises. This strategic approach positions China as a front-runner in the rapidly evolving metaverse landscape.

The action plan highlights the crucial role of advanced technologies such as Artificial Intelligence (AI), blockchain, cloud computing, and virtual reality in shaping the metaverse. By integrating these technologies, China aims not only to set industry standards but also to foster innovation within the Metaverse ecosystem.

China’s Metaverse move: Huawei, Tencent and Baidu play a leading role receivable!

China has initiated financial support measures to aid the development of the Metaverse. These initiatives include tax incentives, wage reductions, and a government commitment to fostering an environment conducive to sustainable growth.

Additionally, acknowledging the global scope of the metaverse, China is actively seeking international collaboration. The MIIT’s working group is set to participate in the establishment of international standards and is open to collaborating with industry leaders worldwide. This approach aligns with the active contributions of Chinese tech giants like Huawei and Tencent in forums like the Metaverse Standards Forum.

Local governments in China are also playing a significant role in the metaverse’s development. For instance, Beijing’s Tongzhou district aims to include over 100 metaverse-related firms by the end of the year.

Shanghai plans to launch a government-backed startup fund, anticipated to raise 1 billion yuan through private funds, further bolstering the metaverse ecosystem.

Aiming to establish a leadership position in the metaverse space, Beijing, in collaboration with MIIT and other authorities, aspires to nurture at least three globally influential metaverse companies.

This goal is set against the backdrop of significant global developments in the metaverse, such as Facebook’s strategic rebranding to Meta Platforms in 2025.

China’s comprehensive approach, combining industry collaboration, technological innovation, financial support, and international engagement, positions the country at the forefront of the global metaverse race.