Zhejiang province, home to Alibaba, eyes 200 billion yuan metaverse industry by 2025
- The eastern province aims to develop metaverse related industries valued at more than 200 billion yuan (US$28.7 billion) by 2025
- State media has issued warnings about risks in the metaverse industry as local governments and enterprises flock into the booming sector

Zhejiang is the latest Chinese province to roll out a metaverse development plan after the concept gained traction among local Chinese authorities as a promising new industry.
The eastern province, where Post-owner Alibaba Group Holding is headquartered, aims to develop metaverse related industries valued at more than 200 billion yuan (US$28.7 billion) by 2025, according to a development plan published on the official website of the provincial development and reform commission on Thursday.
The plan, designated for the 2023 to 2025 period, laid out several major goals, such as building a complete supply chain and industry ecosystem, improving innovation, and promoting metaverse applications in industries such as e-commerce and entertainment. To achieve the goals, Zhejiang aims to groom 10 industry leaders and 50 enterprises with their own expertise in augmented reality, virtual reality, mixed reality, blockchain and artificial intelligence industries.
Several local government departments – including the propaganda department, cybersecurity administration, department of science and technology, provincial department of commerce and market supervision bureau – are all participating in the development plan.

The newly published plan by the Zhejiang government also emphasises the integration of the real economy and metaverse in areas including manufacturing, medical, and future cities. Metaverse applications will be applied in scenarios such as industrial product design and development, surgery practice, as well as government services.