The notion of virtual reality in the study encompasses augmented reality and mixed reality.
Hong Kong On Tuesday, China unveiled its first virtual reality action plan, with the goal of having its industry ship more than 25 million VR headsets by 2026, with a market value of more than 350 billion yuan ($48.20 billion).
The 14th Five-Year Plan of China classified virtual reality as a vital industry for the digital economy. It was released by five ministries in Beijing, chaired by the Ministry of Industry and Information Technology.
The notion of virtual reality in the study encompasses augmented reality and mixed reality.
This initial action plan outlines specific objectives and shows Beijing’s desire to be a global leader in virtual technology.
The 25 million device target was not made clear as to whether it refers to annual or cumulative shipments from now until 2026.
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According to research firm IDC, China shipped slightly more than 500,000 virtual reality and augmented reality gadgets in the first half of this year.
The strategy also sets a goal to boost industry revenue to more than 350 billion yuan, which the ministries claim includes sales of hardware and software.
By 2026, China would also need to create 10 public service platforms for the industry and foster 100 core enterprises, according to the report.
According to a report released on Tuesday by the state-sponsored China Academy of Information and Communications, China’s motivation for the action plan should be understood in light of the fact that the governments of the United States and South Korea have recognised virtual reality as a significant industry.
It also mentions major global technology players, including Meta (META.O), Microsoft (MSFT.O), Apple (AAPL.O), Google (GOOGL.O), and Tencent, characterising them as businesses that are aggressively exploring virtual reality potential.
