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Shanghai to Allot $1.5B Fund for Metaverse Development

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  • Shanghai is ready to issue funds for Metaverse Development Funds.  
  • The Chinese government plans to expand the country’s economy by investing in the tech sector.  

Shanghai (China), globally known for contributing to the technology sector like smartphone development and computer and laptop technology. Now it’s planning on ruling out the Metaverse sector.  

Shanghai(China) Commercial hub is ready to invest in the betterment and development Metaverse industry for $1.5 billion. Shanghai is investing huge capital in several tech sectors, including Metaverse development in order to expand the Chinese economy.  

The amount to be sanctioned by Shanghai will be for ten prominent companies and more than a hundred small-sized firms working in developing and widening the metaverse industry.

Shanghai also specified to support many other Tech companies to establish new milestones in the tech industry and offer a wide range of services. 

The Chinese government took these initiatives of funding in technology and Metaverse sectors, seeing the downtrend in the country’s economy after the post-pandemic.    

Shanghai will also focus on the development of Smart Terminal Projects and low-carbon projects across China. These projects will help evolve technology and the country’s economy. 

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According to the reports, Wu Jincheng – Head of (MCEIT) Municipal Commission of Economy and Information Technology, Smart terminal technology includes Virtual reality headsets, smart home devices, Robots, and Smart vehicles. 

Reports published in December 2021 states that China is preparing a roadmap for using ‘Metaverse’ in industrial work, office use, Public service, and the game development industry.

Shanghai plotted to launch two companies to boost transportation, healthcare, and smart terminal industries. 

Conclusion 

The decision of the Shanghai(China Government) to invest in tech industries will be remarkable in boosting the country’s economy. This investment step will also help develop the country’s tech sector as China is already listed among global tech leaders. Its’ believed that investment by the Chinese government will open new paths in several sectors and definitely help China’s growing economy and infrastructure.         

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