- The next wave of technical development in China will be led by the metaverse and industrial digitization.
- The metaverse, which some business experts have dubbed the next technological revolution, was also highlighted during the meeting for its potential.
- The entire sector would be included in the metaverse, according to Chen Rui, chairman, and CEO of the video streaming service Bilibili.
The metaverse and industrial digitization will be at the forefront of the next wave of technological advancements in China, experts said at the Shanghai Y50 Forum on Saturday.
According to Zhou Hongyi, chairman of securities service provider Qihoo 360 Technology, China’s next stage of digital development is transitioning to industrial uses for the internet after developing a sophisticated market for consumer-facing services over the past three decades. He referred to the current age as a “new blue ocean market” for the Chinese tech industry.
At the yearly symposium to encourage innovation and entrepreneurship among Chinese youth, the tech mogul noted that there is still a need for digitizing China’s 40 million medium- and small-sized firms. To realize the state’s digitization goal is therefore essential.
The forum also emphasized the potential of the metaverse, which some business experts have nicknamed the next technological revolution, as it is currently expanding.
The metaverse, according to Chen Rui, chairman, and CEO of the video streaming provider Bilibili would encompass the entire industry, including better processors, more dependable processing power, operating systems, and a content development ecosystem. He asserted that any industry had the “capacity to foster a wide market.”
A few days ago, the state-owned Shanghai Securities Journal in China published stories claiming that some of the country’s most influential IT giants had teamed together to establish the “Joint Research Institute of Metaverse and Virtual-Real Interaction” in Shanghai.
Participating firms include Tencent, which has a stake in the majority of significant Chinese game developers, Huawei, a renowned target of US sanctions, and Epic Games, which Tencent owns 40% of.
Despite the buzz surrounding the metaverse, industry professionals and investors have been cautioned by experts about the dangers of an “irrational” rush into the sector. However, as the nation loosens its control over the sectors to foster innovation and bolster the faltering economy, both digitalization and the metaverse have attracted official backing.