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Shanghai Allocates $1.5B to Boost $52B Worth Metaverse Industry by 2025

Shanghai Allocates $1.5B to Boost $52B Worth Metaverse Industry by 2025

The Shanghai government is planning to roll out a metaverse-oriented industry fund worth around $1.5 billion.

Shanghai, also known as “The Pearl of Asia” and “The Paris of the East,” has recently revealed its plans to boost the metaverse industry worth around $52B.

According to the official policy paper issued on July 8th, the Shanghai government is planning to foster 10 leading “chain-owner” businesses, as well as over 100 smaller size companies, specializing in the metaverse, by rolling out an industrial fund worth 10 billion yuan (around $1.5B).

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On top of that, Shanghai, looking to boost its "cutting-edge technological breakthroughs," is expected to establish two metaverse-related industrial parks in Zhangjiang in the Pudong New Area and Caohejing in the Xuhui District. Likewise, the multi-cultural metropolis also intends to cultivate 10 industry titans and 1000 specialized businesses that will develop “industrial estates focused on low-carbon fields” and “high-end energy equipment.”

Wu Jinheng, head of Shanghai’s Economy and Information Technology Committee (SMCEIT), noted that the financing in the metaverse will eventually “drive the transformation and upgrading of many companies in the real economy.”

During a press conference held on June 8th, Wu mentioned that “industries such as the metaverse and smart terminals are expected to constantly spur new business schemes and models," have a “huge market value” and be worth $224B by 2025.

Interestingly enough, the news arrives after the China Banking and Insurance Regulatory Commission (CBIRC) issued a warning against illegal fundraising schemes related to the metaverse, as reported by Bloomberg.

In addition, the state-run Chinese newspaper Economic Daily also reminded the citizens of the risks that digital assets pose during the crypto bear market, as Bitcoin (BTC) currently sits at $19,837.

Aaron S., Editor-In-Chief
Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.



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