China’s Ministry of Industry and Information Technology reportedly developed a five-year action plan targeting the shipment of 25 million VR devices, part of a broader ambition to boost the country’s economic and industrial development.
Global Times reported the plan aims to incorporate VR technology into tangible business applications and the ministry forecasts the segment will be worth around CNY350 billion ($48.1 billion) in 2026, through both software and hardware sales.
The newspaper added China’s government seeks to encourage VR adoption in key sectors central to its economy, including entrepreneurial, industrial and other relevant fields.
National authorities believe VR is an area ripe for innovation, and a key factor in the country’s push for a digital economy and broader industrial ecosystem.
The scheme will focus on five key tasks: promoting key technologies; improving industrial supply chain capacity; accelerating the development of VR use cases in relevant industries; strengthening the construction of public service platforms; and establishing standards for VR adoption.
Under the programme, China will also invest in the development of 100 enterprises, Global Times added.
As the market of metaverse and its services continue to show significant progress, Chinese authorities see the trend as key to future business and industrial acceleration.