Metaverse industry set to boom in Shanghai Zhangjiang

The metaverse took center stage at this year's World Artificial Intelligence Conference in Shanghai, with exhibitions and forums providing participants with a glimpse of life in the future.

The concept of the metaverse refers to a network of virtual places linked to a virtual universe, in which people can interact via various forms of virtual technology, including virtual reality and augmented reality.

Shanghai's Pudong New Area announced the construction of the Zhangjiang Metaverse Characteristic Industrial Park in Zhangjiang on Aug 24, aiming to develop Zhangjiang into a highland for Shanghai to promote the development of the metaverse industry.

Huang Lihong, director of the Shanghai Science and Technology Entrepreneurship Center, said that the metaverse will drive the development of the digital economy, and also inject momentum into the research and development of metaverse-related technologies and new products.

"Relying on the advantages of talents, technology and scenarios, Zhangjiang is speeding up its pace in setting up a new and ecological metaverse industry, and will strive to become a metaverse highland," Huang said.

The industrial park in Zhangjiang covers a total area of about 1.91 square kilometers. By the end of 2021, Pudong Software Park, as its core area, had gathered more than 1,600 enterprises and 45,000 professionals, according to local authorities.

In July, Shanghai announced plans to promote the metaverse, low-carbon enterprises and smart devices.

To achieve this goal, the city will incorporate the metaverse as it transforms its economy, people's lives and overall digitalization.

According to the development plans, by 2025, Shanghai plans to establish 10 globally leading competitive enterprises and 100 specialized companies, and the scale of the metaverse industry is expected to reach 350 billion yuan ($51 billion).

Shanghai's Pudong New Area aims to develop Zhangjiang into a highland for Shanghai to promote the development of the metaverse industry. [Photo/WeChat account: pdnews]