Shanghai has launched a 10-billion-yuan ($1.4 billion) fund for the metaverse industry, aiming to boost the development of cutting-edge technologies, interactive terminals and digital tools in this industry.

It aims to cultivate 10 leading companies with international competitiveness and 100 specialized and sophisticated enterprises that produce new and unique products with core technologies.

It will also develop more than 50 demonstration application scenarios and over 100 bench-marking products and services.

By 2025, the metaverse industry scale is expected to exceed 350 billion yuan.

Attract investments in metaverse infrastructure, interactive terminals, and digital tools. Open over 50 city-level metaverse application scenarios for external investment. Continuously facilitate supply-demand connections, unveil flagship projects, and expedite the introduction of metaverse initiatives such as 3D graphics, image engines, and digital modeling.

Intensify support for investment projects in the "metaverse" domain. Qualified projects involving essential technologies, key initiatives, and industrialization endeavors are eligible for support, capped at 30 percent of the project investment or a maximum of 20 million yuan, in accordance with regulations.

The aforementioned incentives are derived from the Policies and Measures on Strengthening Investment Promotion and Accelerating the Construction of a Modern Industrial System in the New Era.

Source: Shanghai Foreign Investment Guide 2023