China to form working group to establish standards for metaverse sector 
STOCKS
China to form working group to establish standards for metaverse sector 
STOCKS

China to form working group to establish standards for metaverse sector 

 

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China’s Ministry of Industry and Information Technology will form a working group to establish standards for the metaverse sector, according to a draft proposal released by the ministry on Monday.

The metaverse is one of the nine emerging tech sectors which China should strive to establish standards for, it said.

The industry faces many challenges and it’s urgent to promote its healthy and orderly development through standardization and guidance, it said, adding that the industry suffers from a lack of clear definitions, which had allowed some capitalists and companies to drum up speculation in the market.

The metaverse is “an integrated innovation combining various cutting-edge technologies” and it will spur many innovative business models, new business opportunities and growth for the digital economy, it said.