Shanghai’s Huangpu District aims to attract global AI companies and professionals, positioning itself as a leading center for AI and metaverse innovation.

The Huangpu Science and Technology Investment Promotion Conference and the 2024 Metaverse Developers Conference were held during the World Artificial Intelligence Conference (WAIC), which began on Thursday.

Experts, company representatives, and investors from the digital technology industry across China discussed new strategies for urban renewal and governance in the context of AI and the metaverse.

Huangpu is developing the “X-Tech” innovation system, emphasizing digital technology and life sciences. Key areas include fintech, data elements, metaverse, humanoid robots, clinical translation, brain-computer interfaces, AI pharmaceuticals, and digital healthcare, said Shen Shanzhou, director of Huangpu.

At the event, the 2024 Huangpu AI application scenarios list was released, covering culture, healthcare, and commerce.

Taibo Intelligent Unit, a domestic think tank, predicts that by 2025, China’s metaverse city scale will exceed 100 billion yuan (US$13.8 billion), with market maturity expected by 2027. By 2030, China’s metaverse market could reach 850 billion yuan.

Huangpu, with its rich application scenarios, innovative financial capital, and international cooperation environment, aims to become a global metaverse industry hub, the district government said.

Four of Shanghai’s first 10 major metaverse applications are located in Huangpu. The district has robust policies and infrastructure, including extensive 5G networks, to support metaverse innovation, said Gao Yun, Party secretary of Huangpu.