Recently, the Information Office of the People's Government of Weifang City held a press conference to introduce metaverse technology innovation and industry. According to the press conference, Weifang will develop metaverse as the primary industry and as a focus of the city's efforts to promote the new economy and new industries. By doing so, Weifang aims to become a globally influential leader in the development of the metaverse industry and increase the value of the industry to 350 billion yuan by 2026.

To this end, Weifang has specially formulated the Action Plan of Weifang City on Becoming a Capital of Metaverse Technology Innovation and Industry (2022-2026) and Several Policies of Weifang City on Accelerating the Development of Metaverse Industry to support metaverse enterprises to adopt new technologies, processes, and equipment to improve their production technologies. Specifically, new metaverse projects with an actual investment of more than 200 million yuan can get a reward of 5% of the actual investment; key projects that play a strong role in and make great contributions to local economic development can enjoy major support on a case-by-case basis; projects whose operating income exceeds 100 million yuan, 500 million yuan, and 1 billion yuan for the first time can get certain rewards, respectively. At the same time, a metaverse industry fund cluster that is not less than 10 billion yuan will be set up to encourage state-owned enterprises to jointly establish a special fund for the metaverse industry.