Chinese authorities plan to create an industry fund of approximately $1.5 billion intended to finance
It is expected that the new initiative, which includesto support the development of green projects, "will create benefits for future development" and will be "the starting point for accelerating economic recovery." Officials believe that industries such as the metaverse and smart terminals will constantly stimulate new business schemes and models. It is believed that this would lead to the emergence of "killer" applications and popular products with a huge market value.
The $1.5 billion in funding will help Shanghai create 10 leading companies and 100 small businesses that can launch at least 100 "reference products and services" by 2025.