Chinese City Offers Cash Benefits to Drive Metaverse Industry Growth

• The Chinese city of Zhengzhou announced a policy draft to support metaverse companies operating in the region.
• The city will establish a 10 billion yuan fund ($1.42 billion) and offer cash benefits to attract metaverse-related companies to set up shop in the city.
• The municipal government also outlined its long-term vision for the metaverse development, aiming to achieve an annual revenue surpassing 200 billion yuan ($28.34 billion) by 2025.

Chinese City Releases Policy Draft For Metaverse Industry Development

On May 24, the Chinese city of Zhengzhou announced a series of policy proposals to support metaverse companies operating in the region.

Dedicated Fund Established To Foster Growth

As part of the initiatives, the municipal government will establish a dedicated fund worth 10 billion yuan ($1.42 billion) to foster growth and development in the industry.

Cash Benefits Offered To Attract Metaverse Companies

Per the government draft, metaverse companies that choose to relocate their headquarters to Zhengzhou will have the opportunity to receive a startup capital investment of up to 200 million yuan ($28.34 million). The companies will also qualify for other benefits, including rent subsidies.

Long-Term Vision Aimed At Reaching 200 Billion Yuan Annual Revenue By 2025

In addition to unveiling the funding policies, the municipal government of Zhengzhou has also outlined its long-term vision for the metaverse development in the city. It foresees that metaverse-related industries in Zhengzhou will achieve an annual revenue surpassing 200 billion yuan ($28.34 billion) by the end of 2025.

Government Collaboration To Secure Additional 50 Billion Yuan In Funding For Projects