By Li Panpan

Shanghai set up China’s first municipal/provincial-level R&D institution of metaverse - the Metaverse and Virtual Reality Interaction Joint Research Institute, JW Insights reported on August 25.

With the key research focus on “interaction between virtual with real and strengthening real through virtual,” the institute is a comprehensive technology and industrial innovation platform centered on metaverse, initiated by China’s first-class players like Fudan University and Migu, a subsidiary of China Mobile that provides digital content and services, and participated by other famous universities in China.

On June 24, the Shanghai municipal department released an action plan to support the metaverse industry, proposing that by 2025, the scale of metaverse-related sectors in the city will reach RMB350 billion ($50.61 billion), driving the scale of the city’s software and information service industry to exceed RMB1.5 trillion ($216.92 billion), and the scale of electronic information manufacturing to exceed RMB550 billion ($79.54 billion).