Shanghai Free Trade Zone 9 years on / Industrial Development

Metaverse alliance forms in Zhangjiang |  Updated:2022-08-10

The Zhangjiang Metaverse Innovative Development Alliance was established at the 2022 Shanghai Metaverse Summit in Pudong New Area on July 27.

The alliance is designed to integrate holistic industrial resources to build a cooperative platform combining research and development, production, talent cultivation, innovative application, digital empowerment and brand promotion.

The first batch of members includes more than 20 research institutes, companies and universities, such as Baidu, WAYZ AI, Accenture and ShanghaiTech University.

Zhangjiang Science City in Shanghai's Pudong New Area is home to a metaverse ecology consisting of three industrial clusters of life and health, integrated circuits and artificial intelligence, and involves 2,400 companies.

In June, the Zhangjiang Digital Chain (Metaverse) Themed Industrial Park was included in the third batch of special industrial parks in Shanghai.

According to Yuan Tao, chairman of Zhangjiang Group, the Zhangjiang Digital Chain (Metaverse) Themed Industrial Park plans to cooperate with platforms and industrial parks including the Shanghai Data Exchange, Zhangjiang Artificial Intelligence Island and to boost the technological R&D, data services, digital creation, and empowerment application of the metaverse, and enhance Zhangjiang's international clout in the field.

Shanghai's goal is to establish a 350 billion yuan ($51.52 billion) metaverse industry by 2025, according to an action plan for metaverse development during the 2022-25 period that was recently released by local authorities.

The plan also makes clear that by 2025, Shanghai is expected to cultivate more than 10 innovative industrial leaders with international competitiveness and 100 companies that possess core technologies and have a strong growth capacity.

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