By Kate Yuan

(JW Insights) Oct 11 -- The Virtual reality Industry Park in Qingdao City of eastern China's Shandong Province completed a major construction project for producing VR and optical module. The project involves RMB10 billion ($1.37 billion) investment.

The planned optical modules and VR headsets will be widely used in intelligent wearables and peripheral smart devices. The project is designed with a full capacity of producing 25 million intelligent devices and 50 million optical modules annually.

Earlier, Shandong Province issued Guidelines on Accelerating the Innovation and Development of the Metaverse Industry in Shandong. It proposes the construction of distinctive industrial parks including Qingdao Virtual Reality Industrial Park at high levels.

The park aims to establish an advanced innovation platform. It has gathered a large number of industry-leading companies including DPVR, Goertek Vision and Goertek Optics, which have already relocated their headquarters to the park.