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Shanghai officials expect the metaverse economy to reach USD52 billion by 2025

A municipal official said that Shanghai plans to train industry leaders in order to build a metaverse economy worth CNY350 billion (USD51.9 billion) within three years.

Qiu Wei, who is in charge of the software and information services department of the city’s economic and information technology commission, says that by 2025, Shanghai wants to have at least 10 globally competitive innovative firms and dominant supply chain companies in the metaverse sector, as well as more than 100 specialized businesses with core technologies and high growth that make new and unique products.

This will bring Shanghai’s software and information services industry to CNY1.5 trillion (USD222 billion) and its electronic information manufacturing industry to CNY550 billion (USD81.5 billion) by 2025, she said yesterday at the Shanghai Metaverse Conference, citing a development plan released by the Shanghai government earlier this month.

According to the plan, Shanghai wants to build a digital economy worth CNY3 trillion (USD445 billion) by focusing on the metaverse, e-sports, smart cars, and other similar areas. This would make Shanghai an international digital metropolis where the digital economy makes up more than 60% of its GDP.

Qiu says that the digital world ecosystem of the metaverse includes cutting-edge technologies like fifth-generation telecommunications, artificial intelligence, blockchain, and digital twin, which are all important parts of the digital economy. She went on to say that it not only links hardware and software and consumption and production, but it also links the real and virtual worlds.

Qui said that the metaverse must grasp the key to the use of “5G+ consumption scenarios” and the creation of new platforms in the space-based internet era to turn scenario advantages into competitiveness.

Qui also said that the metaverse must understand the key to “5G+ consumption scenarios” and the creation of new platforms in the space-based internet era in order to turn scenario advantages into competitiveness.

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