Five Chinese ministries have presented an ambitious plan for the virtual reality industry for the next four years.
Chinese authorities published a five-year plan for virtual reality development and industry application integration. According to the plan, up to 25 million VR devices will be produced by 2026, the total value of which will exceed $48 billion.
The project will involve five agencies:
- The Ministry of Industry and Information Technology;
- The Ministry of Education;
- The Ministry of Culture and Tourism;
- The National Radio and Television Administration;
- The General Administration of Sport.
Virtual reality is recognized as a key area for China’s digital economy under the new five-year plan. Notably, the document equates augmented and mixed reality technologies with virtual reality. The plan states that by 2026, the PRC intends to become a leader in the VR technology market.
Among other things, it plans to develop immersive VR technologies:
- gesture, eye, and expression tracking;
- full-body motion capture;
- odor and touch simulation;
- high-precision environmental understanding, etc.
The plan includes the research and development of a brain-computer interface, 5G networks and related technologies for data streaming, the creation of a next-generation mobile device, the development of multi-person VR platforms, and other technological innovations.
Metaverse technologies will be implemented in such spheres as art, tourism, sports, safety drills in dangerous environments, and others. According to the plan, 100 key companies in the field of virtual reality and ten public information platforms will be functioning in China by 2026.
Analysts agree that the Chinese government’s initiative to develop the Metaverse sector responds to similar initiatives by other countries in the region. So, in late February, South Korea announced plans to invest $1.8 billion in the industry. And six months later, the government of Japan reported about the state development of Metaverse projects. Besides, Metaverse technology is developing around the world. For example, an entire UAE emirate will be available in virtual reality.
