China forms metaverse working group with Tencent, Huawei, and Ant Group
China’s Ministry of Industry and Information Technology (MIIT) has announced the creation of a working group dedicated to establishing standards for the metaverse. In a public notice released on January 19, MIIT stated that the formation of the metaverse working group was a response to the needs of industrial development and industry management as China focuses on the technology sector. The ministry’s working group consists of government representatives as well as individuals from major Chinese tech companies, including Huawei, Ant Group, ZET, Tencent, and others.
The group is open to receiving public feedback on the selection of its members until February 18. However, the document does not specify the specific areas of focus for the group.
China has been considering the establishment of its own metaverse standards for some time now. In September 2023, crypto.news reported that MIIT was urging the formation of a dedicated working group to address the ongoing challenges of the metaverse. The government’s goal is reportedly to ensure the “healthy and orderly development of the metaverse industry through standardization and guidance.”
While recognizing the metaverse as an “integrated innovation that combines various cutting-edge technologies,” the ministry also highlighted the lack of clear definitions in the concept of virtual reality, which has allowed speculation in the market by capitalists and companies.
JPMorgan’s analysts suggest that Chinese tech stocks could experience an increase in value if the metaverse gains popularity in the country. According to their analysis, Chinese internet giants like Tencent, NetEase, and Bilibili are well-positioned to benefit significantly from metaverse development. Non-internet companies such as China Mobile, Sony, and Agora could also see positive impacts if the country adopts the technology.
