Metaverse Photo: VCG

China's Ministry of Industry and Information Technology (MIIT) recently took a significant step to support the development of the metaverse by forming a standard-setting working group, which consists of industry giants such as Huawei, Tencent, Ant Group and Baidu, as well as leading universities and institutions.

The 60-person working group will be responsible for creating and revising industry standards for the metaverse, including research on application standards for manufacturing, communications and digital humans. The group will also focus on talent training and participate in the creation of international standards for the metaverse.

Liu Dingding, a tech industry analyst, told the Global Times on Sunday that the working group, which represents leading companies and institutions, will coordinate mechanisms to enhance the efficiency of the industry's development.

China's efforts to promote the metaverse have gained momentum since the MIIT announced a three-year action plan in September. The plan emphasizes the nurturing of three to five globally influential metaverse companies, as well as supporting characteristic small and medium-sized companies by 2025.

The plan highlights the importance of integrating technologies such as artificial intelligence (AI), blockchain, cloud computing and virtual reality within the metaverse. It also stressed the need to guide financial support to the development of the metaverse and implement tax and fee cuts for related industries.

The global metaverse race is heating up. Liu said that compared with Western countries, Chinese companies are particularly focused on practical applications and utilizing these technologies to empower the real economy.

"The use of digital humans and virtual environments can boost productivity and reduce costs for businesses," Liu said.

According to a report by Chinese consulting firm CCID Consulting, the metaverse will play a significant role in driving innovation in the industrial, cultural tourism, educational and other application sectors in 2024. By 2026, China's metaverse industry is expected to reach a scale of nearly 180 billion yuan ($25.29 billion). The report also forecast that by 2035, the AI industry in China will reach a scale of 1.73 trillion yuan.

Global Times