China aims to achieve global leadership in the financial technology sector. The Chinese Ministry of Industry and Information Technology has established a new task force consisting of 60 experts from leading technology companies in the country, such as Huawei, Tencent, Baidu, Lenovo, NetEase, and Ant Group.
In September, the ministry proposed forming a task force to set standards for the metaverse industry, warning about the ethical and security challenges facing this sector. The team’s mission includes building and maintaining a system for metaverse standards, enhancing these standards, and training talents.
The group urges local companies to participate in setting global standards and focus on local standards. The metaverse is considered a three-dimensional virtual world, and this type of technology has become a focal point of interest in recent years.
Beijing aims to lead in this field, as it issued a plan last year to support at least three globally influential companies by 2025. It also ensured that the development of the metaverse is a priority for many local governments.
The Metaverse Standards Forum was established in 2022 with the participation of global companies like Meta and Microsoft, in addition to Chinese companies like Huawei and Tencent. China expects to reap huge benefits from the evolution of the metaverse, and major Chinese tech companies are poised to capitalize on this emerging sector.
