Team CryptoInsightfull 
The concept of a metaverse, a virtual shared space where users can interact in various ways, has been gaining traction globally. In response to this trend, the Chinese government has taken proactive steps towards establishing standards for a Chinese metaverse platform.
This month, the Ministry of Industry and Information Technology (MIIT) announced the formation of the Metaverse Standardization Working Group. This group comprises Chinese universities, government institutions, and tech giants such as Tencent, Huawei, and Baidu. With their combined expertise, the group aims to shape China’s metaverse future by establishing rules for metaverse platforms.
The MIIT emphasized standards that reflect industrial development and management needs. Setting clear guidelines and standards allows for a more structured and secure environment for users to navigate the metaverse. Additionally, the feedback on the group’s proposal will be open until February 18, highlighting a collaborative approach towards establishing these standards.
A Key Component of China’s Web3 Strategy
This initiative aligns with China’s Web3 strategy, which focuses on advancing technologies such as blockchain and metaverse. China aims to explore potential applications of these technologies, displaying its commitment to lead in the digital sector.
In September, four ministries, including the MIIT, jointly released a three-year action plan to achieve breakthroughs in metaverse technology. Targeted for 2025, the country aims for major advances in metaverse technology and its industrial and governmental applications, aiming to become a key driver in the digital economy with world-leading strength.
Moreover, the plan is to cultivate three to five globally influential ecological enterprises and create a range of new business ventures, models, and formats in consumer and public service sectors. This highlights the government’s strong emphasis on developing and utilizing metaverse technologies.
Experts predict that these initiatives will accelerate the development of China’s metaverse industry. This potentially positions the country as a global hub for metaverse technology. And, with their focus and investments in this emerging field, Chinese companies and institutions could surpass Western advancements in the sector.
Furthermore, China’s formation of the Metaverse Standardization Working Group and Web3 strategy shows its aim to lead in the metaverse. By setting standards and investing in R&D, China is building a strong Chinese metaverse industry.
