On Tuesday, the Shanghai municipal government released a detailed five-year plan for developing the city’s digital economy, following guidelines set out in the country’s five-year digital economy plan issued by the state council. The city aims to increase the value of the digital economy by RMB 3 trillion ($446 billion) by the end of 2025, with aims to have it account for more than 60% of the city’s overall economy. In one section about cultivating new data elements, the guidelines say that it supports top companies exploring and establishing NFT trading platforms, promoting Shanghai as one of the first Chinese cities to test NFT digital assets and related industries. In a section on digital infrastructure, the guidelines also support metaverse-related businesses, such as research into core technologies like avatars, virtual reality, mixed reality, and 3D scanning, as well as cultivating virtual live shows, virtual idols, and other forms of digital entertainment. [Shanghai Municipal Government, in Chinese]
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