Beijing White Paper Shows China Openness to Web3 Industry

The municipal government of Beijing released a white paper to enhance the development of the Web3 industry, according to Cointelegraph.

Named “Web3 Innovation and Development White Paper”, the paper was released during the Zhongguancun Forum, organized by the Beijing Municipal Science and Technology Commission. The Chinese paper describes Web3 technology as an inevitable trend for future Internet industry development.

The Beijing Commission decided to allocate at least 100 million yuan ($14 million) annually until 2025 with the aim of turning Beijing into a leading global innovation hub for the digital economy. Local media reported that the White Paper showcases Beijing’s keenness to foster policy support and accelerate technological advancements to bolster the growth of the Web3 industry.

In this regard, Binance CEO Changpeng Zhao hailed the timing of Beijing’s White Paper as interesting as it comes in conjunction with the launch of the crypto regulations in Hong Kong as of June 1.

The release of the Chinese White Paper reflects the country’s increasing openness to this industry and its potential.

Last week, the capital of China’s eastern Jiangsu province, Nanjing, opened the China Metaverse Technology and Application Innovation Platform to develop metaverse-related disciplines and promote wider and higher campus and school-enterprise development.

The metaverse-based project, which is also state-backed, is led by the Nanjing University of Information Science and Technology (NUIST). Its founding members represent academic institutions and metaverse-related firms from different parts of Mainland China.

Earlier, a new report found that the metaverse industry in China is flourishing as it is expected to hike by about 40% this year.

According to a recent report by Research and Market, the world’s largest market research store, on the Chinese metaverse market and its future, the metaverse industry in China is predicted to increase by 39.5% on an annual basis to reach $1,06,102.8 million in 2023, a matter which shows the significant growth of the metaverse in the Asian country.