The annual NPC and CPPCC have attracted national attention due to the discussion of essential topics such as education, the economy, and healthcare. Among these topics, the buzzword metaverse has appeared on the table of deputies from the technology industry, who have offered a variety of suggestions regarding the development of the next generation of the Internet.

Since the word metaverse came into view in 2021, a large number of businesses have moved forward to establish business plans and register trademarks. Deputies of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC) have proposed various ways for China to rationally approach the metaverse and place equal emphasis on innovation and governance in order to seize opportunities for metaverse development.

Get in on the ground floor: promote the best metaverse designs further

Liu Wei: Developing a Comprehensive Design Plan for "Metaverse China"

Liu Wei, CPPCC deputy and chairman of PCITECH, has presented a proposal titled "Metaverse China" to create a government-led digital economy and develop new channels in this field.

As Liu said, China should enhance content and promote regulation in this field to develop the "Metaverse China" digital economy. In the meantime, the nation should swiftly organize rallies and make broad strategies to create the "Metaverse China" blueprint. Experts should be convened to thoroughly analyze the necessity and practicality of the metaverse to formulate broad guiding principles, identify clear periodic and ultimate goals, and develop a framework for a high-level design plan.

Kong Falong: Setting up National Metaverse R&D Institutes

Kong Falong, deputy of NPC and the Standing Committee of Jiangxi provincial People's Congress, believe that the metaverse is a fantastic chance for the digital economy to develop and nations that get in on the ground floor will also be able to take the lead in the development of the digital economy.

In this context, Kong suggested that China should improve the top-level design and establish national metaverse R&D institutions in order to foster the healthy growth of metaverse in a powerful and orderly manner, therefore expanding, improving, and strengthening China's digital economy.

Kong has put out four ideas in detail. First, establish a business plan. China should examine and prepare for industrial development at the national level, as well as set standards, specifications, and methods while defining the industry's red line and restricted zone. Second, the nation should strive for technological advancements. National metaverse R&D institutes should be established, and breakthroughs in basic and important technologies, such as chips and blockchain, must be made promptly to expedite the metaverse's controlled autonomous growth. Third, metaverse applications should be expanded. China should develop a variety of illustrative applications, such as "metaverse+advanced manufacturing" and "metaverse+modern agriculture," to enhance metaverse industrialization, commercialization, and ecology. Fourth, the system design should be enhanced. Focusing on concerns like data security, property rights, ethics and morality, and excessive speculation, the metaverse's proactive legislation research should be reinforced to control the metaverse and encourage its continuing growth.

Gong Fuwen: Plan and build metaverse proactively; expand and strengthen the digital economy.

Gong Fuwen, deputy of CPPCC and central committee member of CPWDP, stated that we live in a world with unprecedented changes. With economic globalization encountering reverse currents and a new round of technological revolution accelerating, laying out and developing the metaverse proactively is an important and pragmatic way to increase profitability, strengthen the digital economy, and gain a foothold in future competition.

Additionally, Gong made four ideas. First, China should lay a solid foundation for the metaverse with the new digital infrastructure; second, it should promote key technological advances and ensure the metaverse's security remains in its hands; third, blockchain applications should be explored and developed with metaverse-enabled use cases; fourth, governance of the digital economy as a whole should be strengthened so that the ship of the metaverse can sail stably and farther.

CAPD: Overcoming technological constraints and enhancing digital infrastructure

To regulate the metaverse's development in a healthy manner, the Central Committee of the China Association for Promoting Democracy (CAPD) has proposed that China spare no effort to resolve limitations, optimize, and upgrade digital infrastructure, including the metaverse's underlying digital economy. Last but not least, legislation and governance structures must be built on the metaverse.

As the Central Committee of CAPD continues to recommend, digital technology research should be executed effectively, and the strengths of businesses, laboratories, universities, colleges, and research institutions should be utilized. China must encourage the broad and deep penetration of digital technologies into different sectors of the economy, society, and industry to accelerate the integration and innovation of digital technologies, application scenarios, and business models.

In addition, digital infrastructure is the fourth largest factor that supports the digital economy, including the metaverse industry. It is recommended to open investments in the construction of digital infrastructure, direct the engagement of social capital, and encourage financial institutions to create goods and services, therefore reinforcing support for the digital economy's foundational sectors.

Central Committee of the China Democratic League: Promote research on metaverse laws and increase technical guidance. 

In the proposal concerning metaverse technology development, the Central Committee of China Democratic League suggested that, in order to avoid being constrained, key technologies related to metaverse components, software, and hardware should be developed as soon as possible. This effort could be led by the China Academy of Information and Communications Technology, Ministry of Science and Technology, and carried out by businesses, universities, and colleges.

Meanwhile, technology should be governed by precise regulations. First, China should continue to promote developing technologies that serve as the cornerstone of the metaverse, such as 5G/6G, big data, artificial intelligence, blockchain, satellite Internet, and space TT&C network. In addition, Meta-synthesis technology utilized by a variety of applications should receive complete support. Second, metaverse applications may directly introduce new software/hardware requirements ranging from lower-tier components to higher-tier systems. As a result, new software/hardware systems and technologies are anticipated, including operating systems, VR/AR devices, and cyber security technologies.

In addition, the Central Committee of the China Democratic League suggested that related authorities should organize experts and academics to implement activities to disseminate scientific knowledge and popularize knowledge, technologies, regulations, and risks about the metaverse to society, thereby enhancing people's recognition and decision-making abilities. In addition, it is essential for relevant authorities to conduct research on the legal requirements and risks of the metaverse and develop governance patterns and legal foundations that accommodate technological and market development, thereby enhancing the social governance capacity in all respects.

Be rational and cautious regarding the metaverse hype

Pony Ma: Speculations accompany the advent of the metaverse.

Pony Ma, NPC deputy and CEO of Tencent, stated that the integration of the digital world and reality is currently experiencing some issues:

The adaptability between technological applications and different industries is not strong enough.

The interoperability among various digital tools is weak and difficult to integrate.

The construction of some digital applications about people's well-being did not meet expectations.

There are 'ghost' Apps occasionally.

In addition, in specific domains, speculation and concept selling are evolving as rapidly as concepts such as metaverse, NFT, and Web3, posing new threats to finance technology, and social governance.

Additionally, he urged that we should assist digital firms in becoming core industries and critical sectors. Technological standards should guide the creation of technical specifications in the digital transformation and reduce the utilizing threshold and expenses for conventional businesses. Accurate and efficient assistance should be provided to specialized and sophisticated businesses that generate new and distinctive goods while advancing digitalization. For the future generation of the Internet, safety and development should be coordinated with essential technology and regulating regulations that are researched proactively. Meanwhile, factors such as technology, financing, and resources should be steered toward real-world applications. The digital supply of public services to persons in rural locations or with special needs should be expanded, with the benefits of integrating the digital and physical worlds shared with the whole Chinese population.

Wan Jie: Metaverse should be subject to regulations

Wan Jie, CPPCC deputy and President of Artron Art Group, said, "Right now, we lack introspection and serious analysis of the metaverse." As a developing notion, the metaverse remains unformed, and its applications are likewise in their infancy. Wan has warned that scams operating under the label "metaverse" have emerged and that a few businesses and venture capitalists are feeding the flames. Consequently, blind investments, trademark registrations, and attempts to mislead markets are on the rise.

China should establish and publish rules and regulations related to the metaverse within the framework of its culture digitization strategy, which would regulate metaverse development at the technical, legal, and ethical levels and clarify the legal nature, transaction methods, supervision subjects, and supervision methods. Deputy Wan suggested that governments regulate the metaverse and that China be responsible for establishing and publishing such rules and regulations.

Tan Jianfeng: Observe emerging metaverse trends and formulate rules in advance.

CPPCC deputy Tan Jianfeng, director of the Fifth Space Information Technology Research Institute and honorary president of the Shanghai Information Security Trade Association, also discussed some metaverse-related thoughts. The development of the digital economy, according to Tan, must work with the actual economy. Capital holders who use national development plans and trending subjects as a selling point to reap benefits and deceive investors, so generating new virtual economy bubbles should be avoided.

Deputy Tan said that blockchain-based NFT artworks associated with the metaverse are gaining popularity recently, but few rules are suited to impose governance on them, leading to a new means of money laundering. Establishing industrial regulations will prevent future anarchy.

Consequently, Deputy Tan has proposed that the Cyberspace Administration, Ministry of Public Security, State Administration for Market Regulation, and other central departments monitor online communities, games, and businesses with online transactions that operate under a metaverse following national laws and regulations. In addition, adhering to the new patterns and systems devoid of the metaverse notion necessitates the research and establishment of rules and regulations, such as file registration systems, operation, and transaction monitoring, to prevent system risk in advance.

From concept to actual product, it may still require five to ten years

In view of economic predictions, Morgan Stanley has forecast that the metaverse would become an $ 8 trillion hypermarket.

Plans for the metaverse have been announced in several Chinese cities, including Beijing, Shanghai, Shenzhen, Hangzhou, and Wuhan. Shanghai has included metaverse into its 14th Five-Year Plan, while Wuhan has incorporated metaverse content into its government work report.

Despite this, the metaverse has a long way to go before meeting expectations. During the Q3 2021 earnings call, Chen Rui, deputy of the CPPCC Shanghai Committee and CEO of Bilibili Inc, stated, "metaverse is now an industry idea rather than a product. After a business idea is conceived, it often takes a substantial amount of time to bring it to fruition, which cannot be measured in a few months or one to two years."

Tong Zhilei, deputy of the CPPCC Beijing Committee, chairman of the board, and president of COL, stated that the Internet world appears to experience a major breakthrough every ten years, with metaverse being the most recent example.

For a new industry, the joint attention of decision-makers and the public is required throughout the entire journey, which begins with a concept that has just been introduced to the public, progresses to one that is well-known, and culminates in the transformation of a concept into a real product.

As the temperature rises, the focus of metaverse development has shifted from publicizing its concept to creating real applications and products that meet the expectations and requirements of various market scenarios. It may take five to ten years to reach this goal, as stated by several deputies above, but with patience in development and the rejection of fads, a metaverse-created bright future for humans may be within reach.