China released first VR development plan, aims to ship 25 mln VR devices by 2026; VR stocks rally

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Shares of China’s virtual reality (VR) related companies stage a strong rally after the country released its first development plan dedicated to VR.

China’s VR industry, including hardware, software, application, etc, is expected to exceed 350 billion yuan by 2026 and VR device sales are expected to exceeded 25 million units, according to a plan released by five government departments led by the Ministry of Industry and Information Technology.

The plan catergorised VR as a key industry of the digital economy under China’s 14th five-year plan.

By 2026, China aims to have 100 core companies with strong innovation and industry influence, built 10 VR development hubs with regional influence and set up ten industrial service platforms, according to the plan.