China’s Ministry of Industry and Information Technology (MIIT) has recently established a working group with the goal of creating standards for the metaverse. In an official announcement on January 19th, MIIT declared that the formation of the metaverse working group is essential to meet the demands of industrial development and industry management as China continues to invest heavily in the technology sector. The ministry’s working group consists of not only government officials but also individuals from prominent Chinese tech companies such as Huawei, Ant Group, ZET, Tencent, and others.
The group is seeking public input on the selection of its members until February 18th, although the specific focus areas of the group have not been explicitly outlined in the document. China has been considering the establishment of metaverse standards for some time now. In September 2023, crypto.news reported that MIIT was advocating for the creation of a dedicated working group for the metaverse due to the ongoing challenges in the technology. The government’s objective is to promote the healthy and organized growth of the metaverse industry through standardization and guidance.
While recognizing the metaverse as an innovative fusion of various cutting-edge technologies, the ministry highlighted the lack of clear definitions in the virtual reality concept, which has led to market speculation by investors and companies. Analysts at JPMorgan suggest that Chinese tech stocks could experience a boost in value if the metaverse gains popularity in the country. According to their analysis, major Chinese internet companies like Tencent, NetEase, and Bilibili are well-positioned to benefit significantly from metaverse development. Non-internet companies such as China Mobile, Sony, and Agora could also see positive effects if the country adopts this technology.
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