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Metaverse is included in Shanghai's development plan

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Metaverse technology will be used in public services, businesses, entertainment, and manufacturing in Shanghai's five year plan.

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In Shanghai’s five-year plan, metaverse technology will be used in public services, businesses, entertainment, and manufacturing. Over the next five years, Shanghai, China’s most populated city, plans to use a metaverse in public services.

The five-year development plan for the electronic information industry of the Shanghai Municipal Commission of Economy and Information Technology listed four frontiers for exploration, one of which is the metaverse.

According to a report, white paper recommended promoting the use of the metaverse in industrial manufacturing, production safety, medical facilities, public services, and social leisure. It is expected that the commission will encourage further research and development of underlying technologies, such as sensors, real-time interactions, and blockchains.As a world leader in the issuance of a CBDC, China has maintained a strong interest in new technology, and its efforts to establish a central bank digital currency (CBDC) and use of a physical biometric hardware wallet for the virtual yuan have cemented its status as a leader in this regards.

The Chinese State Council released a five-year development plan in March that included many of these same exploration areas. According to reports, the term “blockchain” first appeared in China’s 14th five-year plan, in which the country outlines its economic goals for the next five years, from 2021 to 2025.

Also Read - Introducing Adidas' NFT partnerships entering Metaverse

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