(Yicai Global) June 14 -- Shanghai will push ahead with overcoming technical barriers in the metaverse sector to become a 'high ground' in this cutting-edge field, and will concentrate on two main areas, namely immersive technologies and Web3.0, according to a document released by the municipal government today.

Shanghai will focus on developing generative artificial intelligence models to lower the cost of building virtual scenarios and to increase flexibility in the creation of metaverse content while striving to make progress in the research and development of three-dimensional engine techs and terminal devices, the Science and Technology Commission of the Shanghai municipal government said.

Shanghai will promote the research of Web3.0 operating systems and build new types of blockchain systems featuring high performance, extensibility, safety and controllability to provide a neutral and trusted information processing platform for metaverse applications.

The megacity will increase supplies of fintech products to advance the solving of technical barriers, guide the flow of long-term funds into high-growth scientific and technological firms in the metaverse sector and promote the listing of innovative companies on the Shanghai Stock Exchange’s Star Market, the document said.

Shanghai will also step up efforts to nurture metaverse talent, support eligible institutes of higher education to set up sub- or inter-disciplines while building a model that enables firms and educational institutes to incubate talent together, it added.

Shanghai's software and information services industry and electronic information manufacturing sector will be worth CNY1.5 trillion (USD209.4 billion) and CNY550 billion (USD76.8 billion), respectively, by 2025 and the local metaverse sector should be worth CNY350 billion by then, according to an industry action plan released by the city last July.

Editor: Kim Taylor