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Two Sessions is China’s most important political meeting; there, government functionaries are expected to suggest important economic and social frameworks for the years ahead. Just as the Two Sessions began, the participants deliberated on the metaverse for the first time.
The delegates discussed various economic frameworks and social plans at the Two Sessions. As a result of the deliberations, China implemented its 30 years lowest GDP growth rate of 5.5% for the current year. However, the heated reviews at the Two Sessions did not distract the delegates from discussing issues concerning the metaverse as it is becoming increasingly significant to many Chinese companies.
The Party Secretary of Jiangxi province’s rural credit cooperative and the Deputy National People’s Congress, Kon Falon, spoke to the media about his input during the metaverse deliberation. The party chief said that he suggested that China establish a national research institution for the metaverse.
Chinese Companies Wild Rush for Metaverse Trademarks Registration
The deliberation resulted from a wild rush by the Chinese companies to register for metaverse-related patents and trademarks. As reported by QiChacha, a Chinese website that provides vital information about Chinese companies, NetEase alone has applied three metaverse linked patents, namely: NetEase Metaverse, Fuxi metaverse, and Leihuo metaverse. NetEase is a leading mobile games manufacturing company in china. While another Chinese company, Baidu, applied for a patent of metapp.
Other Chinese tech companies that have also attempted to register a patent for metaverse in the past include, ByteDance, Alibaba, and Tencent. In 2022, the increasing demand for metaverse-related patent registration raised concerns as the relevant agency received over 16,000 metaverse trademark registration applications.
Following the increase in demand for the metaverse, CITIC Securities, a giant in the brokerage industry, speculated a rise in need for the metaverse in the coming years. He further noted that it could probably become the way of life in the next 20 years. Unfortunately, the Chinese government has expressed ill feelings about the emergence of new blockchain technology areas, including the NFTs and the now deliberated metaverse.
Metaverse in a Desperate Need for Regulation
Zhang Yin, a member of China’s consultative conference, spoke to the local media on the current state of the metaverse in China. He said that the metaverse centers most on providing entertainment but lacks critical technologies for its development. He further noted that the Chinese metaverse desperately needs to be regulated to avoid fraudulent activities.
According to Zhang’s suggestion, China’s Banking and Insurance Commission bemoaned the fraudulent fundraising activities going on in the metaverse in a move to regulate the metaverse. The banking institution noted that its warning was not an attempt to oppress the metaverse but only an effort to curb the excesses of illicit activities in the metaverse.
Tony Waang, a Beijing-based lawyer, expressed satisfaction with the warning issued by the banking institution. He said it shows that the government is still interested in developing the metaverse. Following these developments, in Shanghai’s Hongkou district, the government released over $150 million to create the metaverse.
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