n November 1, 2022, the Ministry of Industry and Information Technology of China issued a five-year action plan on developing virtual reality (VR), proposing to expand the scale of China’s VR industry, including hardware, software and applications to about 350 billion yuan (US$49.5b) by 2026.
According to the plan, by 2026, there should be at least two industrial clusters of international competitiveness. They will be led by around 100 influential enterprises with strong innovation ability, with sales of VR terminals hitting 250 million. It encourages more vocational training, research, integration and international cooperation.
Technological innovation is a key word of the action plan, which aims to progress technological integration and breakthroughs across key fields covering near-to-eye display, rendering, perception and interaction. The integration of VR with new-generation information technologies like 5G and AI is emphasized.
To achieve these objectives, the government will guide private investment in the emerging industry while properly planning the national fund to promote integrated development of small- and medium-sized enterprises (SMEs) and cultivating “specialized, refined, special, and innovative” companies.