Beijing's Tongzhou District announced plans to focus on four metaverse-related industry sectors: digital design, simulated humans, extended reality, and digital art. According to a document released on Tuesday, the region also plans to establish an industrial park and an investment fund to sustain metaverse-related startups.

Tongzhou District is located in Beijing's southeastern section and is designated as the Chinese capital's "sub-center" — a location that draws people away from the city's overcrowded center.

According to a policy file released on Tuesday, Hengqin labeled the metaverse as part of an economic recovery plan, saying it will establish a more specific policy on empowering its related industries.

Hengqin is an island jointly managed by the governments of mainland China and Macau.

Shanghai announced in July that it would strengthen immersive tourism in the metaverse and include it in the city's five-year development plan.

China's tech behemoths are facing an economic downturn. Tencent is laying off workers to cut costs, and it recently downsized its NFT marketplace Huanhe. In an email sent on Monday, Huawei CEO Ren Zhengfei stated that the company would reduce its non-core business to survive the economic downturn.

The International Monetary Fund reduced its forecast for China's GDP growth in 2022 by a quarter to 3.3%, the slowest rate in 40 years. China's central bank announced a significant reduction in its lending benchmark on Monday to stimulate the economy.

Aug 24, 2022
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