The Hangzhou Qiantang Metaverse Xintiandi Park was launched in Qiantang district on May 21.

The park is currently aiming to attract small and medium-sized enterprises that specialize in artificial intelligence and the metaverse.

During the launch ceremony, five top scientists were employed as counselors for metaverse development in Qiantang. They include Cui Tiejun, a member of the Chinese Academy of Sciences, Wu Jiangxing, a member of the Chinese Academy of Engineering, Chen Wenxing, a member of the CAE, Ni Jianzhong, executive director of the China Mobile Communications Association, and Liu Guangyi, chief scientist of the China Mobile Research Institute.

According to an official from Qiantang, the district had 64 companies exploring the concept of the metaverse as of the end of last year. These companies generated 52.6 billion yuan ($7.91 billion) in combined revenue last year, the official added.

Qiantang has also rolled out policies on talent training, financial support, and coordinated innovation to bolster the development of the industry. Up to 100 million yuan in subsidies will be offered to the most outstanding metaverse project.

In addition, nearly 70 schools at all 14 universities in Qiantang have introduced courses related to the metaverse.