Shanghai Two Sessions: metaverse development requires stronger supervision

Metaverse was discussed at Shanghai’s Two Sessions this week, the city’s most influential annual political meetings, where a delegate called for more regulatory efforts toward the supervision and development of metaverses.

See related article: Shanghai sees its metaverse industry growing to US$52 billion in four years

Fast facts

• Some companies use the metaverse concept as a gimmick, Zhai Jun, a Two Sessions delegate of the Revolutionary Committee of the Chinese Kuomintang, told state media Chinanews.com at the gathering.
• According to the delegate, businesses are damaging the trust in metaverse-inspired projects by adding the word “metaverse” to legacy products and services.
• The market value of 135 Chinese metaverse-related stocks was at 1.3 trillion yuan (US$192 billion) as of 03:30 p.m. Hong Kong time, according to eastmoney.com, a finance information provider based in the mainland.
• In July 2022, the Shanghai government promoted a 10 billion yuan metaverse industrial fund to raise the sector’s revenue to 350 billion yuan by 2025.
• Metaverse was discussed at China’s Two Sessions for the first time in March 2022, when delegates called for laws to govern data security and curb speculation.
• Governments of Zhejiang province, Henan province, Beijing and Chengdu have also published plans to support metaverse development.

See related article: ‘Metaverse’ enters government radar at China’s Two Sessions

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