Henan Cultural Tourism Investment Group, a state-owned investment enterprise in central China’s Henan province, has established a 150 million yuan private equity fund ( $21.7 million) to fund metaverse projects.
Henan’s state-owned property supervision and management commission said Thursday in a social media post that the fund, set up in April, aims to integrate resources in the culture and tourism industries. , while promoting the development of virtual reality and metaverse fields to build “internationally competitive digital industry clusters.”
Henan aims to expand its metaverse industry to 30 billion yuan by 2025.
Last August, Shanghai launched a similar strategy to promote the metaverse industry in the city, aiming to generate 350 billion yuan in revenue by 2025.
In January, a delegate to the Second Session of Shanghai, the city’s most influential annual political meeting, called for more regulatory efforts towards the oversight and development of the metaverse.
China banned cryptocurrency transactions in September 2021. The governments of the cities of Beijing , Chongqing , Guangzhou , Jinan and Suzhou as well as the governments of Zhejiang and Henan provinces have all announced it. metaverse expansion plan.