| The city of Zhengzhou in China has announced policy proposals and a 10B yuan ($1.42B) fund to support the growth of metaverse companies in the region. Metaverse
companies relocating their HQs to Zhengzhou may receive up to 200M yuan
($28.34M) in startup capital investment, rent subsidies, and other
benefits. - Metaverse development projects
certified as viable by the municipal government can receive up to
5M yuan ($710,000) in funding, regardless of the company's HQ location.
- The
government aims for metaverse-related industries in Zhengzhou to
generate annual revenue exceeding 200B yuan ($28.34B) by the end of
2025.
- The policies encompass research on metaverse technologies
and the utilization of metaverse technologies in real-world industries,
such as education, entertainment, and commerce.
- Collaboration
with governmental agencies and investment firms is expected to secure an
additional 50B yuan ($7.08B) to support metaverse-related projects.
- Upon listing on China's primary stock exchanges, cash rewards will be offered to metaverse companies.
- In July 2022, Shanghai, another prominent Chinese city, set its sights on becoming a leader in metaverse development, with a projected annual revenue of 350B yuan ($49.6B) for its metaverse industry by 2025.
- In February 2022, the China Banking and Insurance Regulatory Commission warned against illegal fundraising schemes being tied to the metaverse.
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