Henan Cultural Tourism Investment Group, a state-owned investment enterprise in China's Henan province, has set up a 150M yuan ($21.7M) private equity investment fund to finance metaverse ventures.
Henan aims to expand its metaverse industry to 30B yuan by 2025.
Henan province aims to develop internationally competitive digital industrial clusters by boosting the VR and metaverse sectors.
- Shanghai has a similar strategy, targeting 350B yuan in metaverse revenue by 2025.
- China has banned cryptocurrency transactions but has shown enthusiasm for metaverse expansion, with several cities and provinces involved.
Last year, the Chinese government issued its first National policy to develop metaverse-related technologies such as VR, AR, and MR.
- Beijing, Guangzhou, Chongqing, and Jinan have also published metaverse development plans.
