China’s Sichuan province aims to grow metaverse industry to $34.4 billion by 2025

Sichuan — a southwestern Chinese province that was once a crypto mining hub prior to the country’s mining ban — is betting big on metaverse development, aiming to grow the nascent industry to reach a market size of 250 billion yuan ($34.4 billion) by 2025.

In a Wednesday draft action plan for the years through 2025, the Sichuan provincial government said it aims to build several metaverse-related industrial parks and nurture at least 15 leading metaverse firms. Specifically, the local government said it would work to optimize blockchain infrastructure, strengthen privacy protection and develop cross-chain control.

One key focus would be improving digital governance and formulating better regulations regarding personal information protection, internet safety and data security in metaverse settings, according to the draft plan.

The Sichuan government is soliciting public feedback on the action plan until Aug. 22.

China’s blockchain ambition

While China banned all cryptocurrency transactions in September 2021, the country remains bullish on growing its own blockchain technology and digital economy — with Chinese tech giants, such as Alibaba and Tencent, focusing on developing their own consortium blockchains.

In May, Beijing released a white paper aimed at promoting innovation and development of the Web 3.0 industry. The government is looking to construct Beijing as a global innovation hub for the digital economy.