China on Tuesday released a policy guideline to boost the development of virtual reality (VR) technologies, offering a wide range of policy support and aiming to master core technologies by 2025.
The guideline, released by the Ministry of Industry and Information Technology (MIIT), pointed out that while China faces a rare opportunity to catch up on global technological innovation, there are still many issues, including shortfalls in core technologies and advanced products.
In the guideline, addressed to provincial-level governments and relevant organizations, the MIIT detailed specific goals and policy measures to support the development of VR technologies.
By 2020, China should have established a complete industry chain for VR, adopted VR technologies in key economic and social areas and built several innovation centers, according to the guideline. China should also have made “significant” breakthroughs in core VR technologies, it said.
By 2025, China’s VR sector should be among the world’s best and have mastered core patents and standards in VR, the guideline said.
The guideline also offered policy support in several different areas. For example, China will encourage financial institutions to provide financing and insurance services for the VR sector and further expand fundraising channels. Local governments are also asked to increase investment to make breakthroughs in VR technologies.
China will also help VR companies build their brands, build up a professional talent pool and promote global cooperation, according to the guideline.
While the guideline steered clear of mentioning the Made in China 2025 initiative VR technologies have been listed as a key area of development by the initiative aimed at upgrading China’s manufacturing sector.