China's VR industry set for massive headway after government issues eight measures for its development

December 31-2018
China’s VR industry set for massive headway after government issues eight measures for its development

The Ministry of Industry and Information Technology of China officially issued the ‘Guiding Opinions of the Ministry of Industry and Information Technology on Accelerating the Development of Virtual Reality Industry’, providing guidance for the development of virtual reality technology in the country.

In the “Opinions”, the Ministry of Industry and Information Technology pointed out the development goals of China’s virtual reality industry to all provinces, autonomous regions, municipalities directly under the Central Government, relevant industry organisations and units: by 2025, China’s virtual reality industry as a whole has entered the forefront of the world, mastering key core patents and standards, and forming a virtual reality backbone enterprise with strong international competitiveness.

The Ministry of Industry and Information Technology also listed eight major promotion measures, said that it should increase policy support, give play to the role of local governments, and “encourage financial institutions to carry out financing business and credit insurance business that meet the characteristics of virtual reality industry, and further expand the financing channels of the industry.”

These eight measures are listed as follows:

1.Increase policy support: closely integrate the relevant national industrial policies, use existing channels, and support innovative ways to focus on supporting the development and industrialisation of virtual reality technology. Strengthen the tracking and monitoring of the development of the industry and the development of the situation. Financial institutions are encouraged to carry out financing business and credit insurance business that meet the characteristics of the virtual reality industry, and further expand industrial financing channels.

2.To play the role of local government: strengthen the guidance and coordination of local work, guide local integration of practical supporting policies and specific implementation measures, support local construction industry development public service platform, and carry out exchanges and cooperation between regions. All localities should increase their investment, concentrate on breaking through key core technologies, enrich product supply, and actively use virtual reality products and solutions in people’s livelihood and public welfare projects.

3.Promote the promotion of demonstration applications: encourage key regions and key industry enterprises to target demanding applications and accelerate the application of virtual reality application technologies and industry solutions. Support local and enterprise organisations to implement virtual reality application projects, explore the formation of application models and business models that can be promoted and replicated, and summarise outstanding cases and development experiences in a timely manner.

4.Construction of an industrial development base: support the construction of virtual reality industry development bases under conditions, and guide virtual reality enterprises to gather at the base. Organise the identification of virtual reality industry characteristic bases and guide the direction of differentiated construction. Coordinate the construction of virtual reality industry carriers and innovation centers, and form a networked and collaborative development promotion system.

5.Strengthening the creation of industrial brands: increase the summarisation and promotion of excellent virtual reality enterprises, products, services, platforms and application cases, and increase the visibility of China’s virtual reality brands. Strengthen the promotion of excellent industrial development bases and industry organisations, and stimulate the enthusiasm of all sectors to promote industrial development.

6.Strengthen the training of professional talents: relying on the national major talent project, the implementation of excellent talent introduction plan, accelerate the introduction of a number of high-end, composite virtual reality talent. Pilot reform of the curriculum system in accordance with the needs of industrial development. Encourage innovative cooperation models between universities and enterprises, build a training base, and actively develop interactive talent training. Improve the use, evaluation and incentives of virtual reality talents to promote the improvement of the ecological structure of talents from research and development, transformation, production to management.

7.Promote the development of industry organisations: support the innovation and development of industrial alliances, research institutions and other industry organisations, build a platform for industrial development, and play an organisational synergy in technical research, standards development, talent matching, application promotion, investment promotion, brand promotion and international cooperation. Support industry organisations to carry out virtual reality-related innovation promotion activities, display experience activities and application promotion activities.

8.Promoting international exchanges and cooperation: strengthen international exchanges and cooperation in the field of virtual reality, promote the interaction of resources such as technology, talents, capital, etc., enhance the ability of global resource aggregation, and accelerate the development of research and innovation capabilities. Support virtual reality enterprises to increase the expansion of overseas markets, establish a professional market-oriented overseas market service system, and improve the ability of industrial development.