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China onboards Tencent, Huawei, Ant Group for metaverse working group

china-onboards-tencent-huawei-ant-group-for-metaverse-working-group
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China onboards Tencent, Huawei, Ant Group for metaverse working group

China’s Ministry of Industry and Information Technology (MIIT) has announced the formation of a working group aimed at setting standards for the metaverse.

In a public notice on Jan. 19, MIIT stated that the metaverse working group was created to meet the requirements of industrial development and industry management as China bets big on the tech sector. According to the document, the ministry’s working group comprises not only government representatives, but also individuals from major Chinese tech corporations, including Huawei, Ant Group, ZET, Tencent, and others.

The group is open to public feedback on its members’ selection until Feb. 18, although the document doesn’t specify the specific areas of focus for the group.

China has been mulling the establishment of its standards for the metaverse for a while now. In September 2023, crypto.news reported that MIIT was urging the formation of a working group dedicated to the metaverse, citing the technology’s ongoing challenges. The government’s objective is reportedly to ensure the “healthy and orderly development of the metaverse industry through standardization and guidance.”

While acknowledging the metaverse as “an integrated innovation combining various cutting-edge technologies,” the ministry pointed out the lack of clear definitions in the virtual reality concept, enabling speculation in the market by capitalists and companies.

JPMorgan’s analysts suggest that Chinese tech stocks could see an uptick in value if the metaverse gains traction in the country. According to their analysis, Chinese web giants like Tencent, NetEase, and Bilibili are poised to reap significant benefits from metaverse development. Non-web companies such as China Mobile, Sony, and Agora could also witness positive impacts should the country adopt the technology.