Chinese city Shanghai includes Metaverse in its development plan

Shanghai’s five-year plan calls for the use of a metaverse in public services, businesses, entertainment, and industrial manufacturing.

Chinese city Shanghai includes Metaverse in its development plan

Shanghai's five-year plan requires the use of a metaverse in public services, business, entertainment, and industrial manufacturing.

Shanghai, China's most crowded city, is searching for ways to use a metaverse in public service over the next five years.

Shanghai Municipal Commission of Economy and Information Technology's five-year improvement plan for the electronic data industry is recorded for exploration, and one of them is the metaverse.

According to a CNBC report, the paper called for promoting the metaverse's use in public service, business offices, social leisure, industrial manufacturing, production safety, and electronic games. The commission intends to encourage further study and development of underlying technologies, like sensors, real-time collaborations, and blockchain technology.

China's interest in new technology has been unwavering in recent years, and its efforts to establish a central bank digital currency (SBDC) and its use of digital biometric hardware wallets for the virtual yuan have cemented it as a leader in the issuance of a CBDC

In March, China's State Council released its five-year development plan that included many of these same fronts for exploration. As reported by Cointelegraph, the term "blockchain" was used for the first time in China's 14th five-year plan, a report that outlines the country's economic goals for the next five years, which runs from 2021 through 2025.

The metaverse has become an area of interest for major companies in recent months. in October, Facebook changes its name to Meta to rely to bank on the popularity of the term metaverse.

Despite the people's Bank of China's notice on metaverse and nonfungible tokens in November, over 1,000 Chinese ventures have filed tens of thousands of trademark applications that reference the term. More than 1,360 Chinese businesses have applied for 8,534 trademarks, according to the South China Morning Post.

Chinese companies are in the process of developing metaverse innovations, with Baidu, Tencent, and Alibaba among those aggressively working on related projects. Last week, Baidu appeared its XIRang metaverse app, which will fully launch in six years.

Read: Nike enters metaverse following the acquisition of virtual brand RTFKT

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