China Forms Working Group to Set Standards for the Metaverse
China’s Ministry of Industry and Information Technology (MIIT) has established a working group with the aim of developing standards for the metaverse. The formation of this group is in response to the country’s focus on the tech sector and its industrial development. The MIIT working group includes government representatives as well as individuals from major Chinese tech companies such as Huawei, Ant Group, ZET, and Tencent.
The group is currently seeking public feedback on its members’ selection until Feb. 18. However, specific areas of focus for the group have not been mentioned in the official document.
Moving Towards Standardization and Guidance
The Chinese government has been considering the establishment of metaverse standards for some time now. In September 2023, MIIT emphasized the need for a dedicated working group to address the challenges associated with the metaverse. The objective is to promote the healthy and orderly development of the industry through standardization and guidance.
One of the main concerns highlighted by the ministry is the lack of clear definitions in the concept of virtual reality, which has led to speculation in the market by capitalists and companies.
Potential Impact on Chinese Tech Stocks
JPMorgan analysts predict that Chinese tech stocks could experience significant value growth if the metaverse gains traction in China. Web giants like Tencent, NetEase, and Bilibili are expected to benefit greatly from metaverse development. Additionally, non-web companies such as China Mobile, Sony, and Agora could also see positive impacts if China adopts this technology.
Hot Take: China Takes a Step Forward in Metaverse Development
China’s Ministry of Industry and Information Technology (MIIT) has taken an important step in the development of the metaverse by forming a working group to establish standards. This move aligns with China’s focus on the tech sector and its commitment to industrial development. By including government representatives and major tech companies, the MIIT aims to ensure a comprehensive approach to metaverse standardization. The lack of clear definitions in virtual reality has been identified as a challenge, leading to speculation in the market. As China moves towards standardization and guidance, there is potential for significant growth in Chinese tech stocks, benefiting both web giants and non-web companies. This development highlights China’s determination to promote the healthy and orderly development of the metaverse industry.
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