A state-owned investment enterprise in Central China's Henan Province has created a fund to promote the metaverse sector. The enterprise has decided to invest 150 million yuan (US$21.7 million) to further promote innovation in the sector.
The country's Public Assets Oversight and Management Commission added that this new fund aims to combine cultural and tourism resources to promote the growth of the virtual reality and metaworld sectors. They aim to create internationally competitive digital industry clusters.
Henan provincial leaders are focusing on developing the metaverse sector, which is projected to be worth 30 billion yuan ($4.3 billion) by 2025, they said back in October 2022.
Market analysts recalled that in August last year, Shanghai announced an approach to grow the metaverse industry in their city. They made it clear that they plan to earn a total of 350 billion yuan (the equivalent of $50.5 billion) by 2025.
In January, a delegate from Shanghai demanded stricter rules and more intensive regulatory oversight to guide and promote the metaverse sphere.
Back in September 2021, China banned cryptocurrency trading altogether, but has been positive about the development of the metacurrency sector. Moreover, Beijing, Chongqing, Guangzhou, Jinan and Suzhou, as well as Zhejiang and Henan provinces, have published strategies to develop their own virtual worlds.
