Several of the main Chinese technology companies have come together, according to The Register, to launch in Shanghai a metaverse research institutecalled Joint Research Institute of Metaverse and Virtual-Real Interaction (Joint Institute for Metaverse Research and Virtual and Real Interaction).
Among the companies participating in this initiative are Tencent, which is one of the main game developers in China; Huawei; and Epic Games, a company in which Tencent owns 40% of its shares. Migu, owned by the operator China Mobile, and several of the main universities in the country also participate: those of Fudan, Beijing, Renmin, Zhejiang and Nanjing.
Its dean will be Professor Zhao Xing, from the Big Data Research Institute of Fudan University and the China National Intelligent Assessment and Governance Experimental Base. The center will be in Shanghai, because according to Zhang, the city «has valuable experience in digital transformation and construction, as well as strong support from talent from the metaverse, technology, and industry. It also has the right environment for it, and consumption capacity. These are the main reasons for the establishment of the institute in Shanghai«.
China is currently in the midst of its fourteenth five-year plan for the development of the digital economy, which has led to the rollout of new digital formats across the country. Of these, the metaverse is seen as one of the most important growth points. Cities like Beijing, Shanghai, Guangzhou, Hangzhou, and Xiamen have already launched metaverse development policies of their own.
Shanghai is at the forefront of this movement, with metaverse-related sectors in the city worth more than $50 billion. On the other hand, the founding of this research institute may mean that Chinese citizens will get to enter the metaverse before those from other countries.
