Image Source: Visual China

BEIJING, March 7 (TMTPOST) — Kong Falong, delegate to China’s National People’s Congress (NPC), has called for the establishment of a state-level metaverse research institution at the Fifth Session of the 13th NPC.

“The metaverse has broad application prospect and huge potential. It has become a critical sector in the development of a digital economy,” Kong said. “Countries that can master the metaverse first will have better chances at leading the development of digital economy and have more advantages in the industry. This will generate more competitiveness for countries when competing in the international space.”

Kong said that China should establish a state-level research and development institution for the metaverse and increase investments in the sector. Kong also noted the importance of training talents and providing incentives. According to Kong, China should invest in foundational and core technologies such as chip-making, blockchain, graphic engines and algorithms for human-computer interactions, etc.

In addition, Kong also called for the state to draft development plans for the metaverse industry and set up rules and regulations for the industry.

Kong told Chinese media the Paper that research has shown the metaverse can generate US$8 trillion market value if it combines with social media, streaming platforms and gaming platforms. The metaverse can bring about more market growth if it integrates with the physical economy, Kong said.

Kong said that the development of the metaverse can be promoted if it is applied in production, lifestyle and governance. Kong advised that the metaverse can be applied in manufacturing, agriculture, tourism and public services, etc.

Kong also highlighted the importance of passing necessary legislations on the metaverse, including laws on data security, data protection and virtual assets.

“The authorities should invest more resources in ensuring the healthy development of the metaverse so that we can gain more advantages in this emerging digital economy sector,” Kong stated.