Industry News: The Third Holographic Digital Economy and Metaverse Industry Ecosystem Summit Successfully Held in Beijing

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3rd Holographic Digital Economy and Metaverse Industry Ecosystem SummitSuccessfully held in Beijing

From 2023/2/25 to 2/28, under the guidance of the Tongzhou District People's Government of Beijing, the "Third Holographic Digital Economy and Metaverse Industry Ecosystem Summit" was successfully held in Beijing. As a national-level conference, the summit featured ministerial leaders and brought together over 30 experts, scholars, and academicians, nearly 100 listed companies, more than 50 unicorn enterprises, over 50 investment firms, and thousands of metaverse industry elites. The event focused on major global challenges in the metaverse era, aiming to establish a leading academic theoretical framework worldwide, advance innovation practices in China's and the global metaverse industries, and contribute to China's economic transformation, high-quality development, and the exploration of global governance in the digital age.

The opening ceremony featured remarks by Meng Jingwei, Deputy Secretary of the Tongzhou District Committee of the Beijing Municipal Party Committee and District Mayor; Li Meng, Vice Chairman of the 10th National Committee of the Chinese People's Political Consultative Conference; and representatives from each organizing body.

During the meeting, Zhu Jiaming, a renowned economist and Chair of the Academic and Technical Committee at Hengqin Shulian Digital Finance Research Institute, shared his insights on the 2022 global technological frontier. He noted that over the past three years, scientific and technological progress has never stalled, advancing at an unprecedented pace, culminating in a 2022 development state unlike anything seen before:

1. Breakthroughs in artificial intelligence.For example, AIGC and ChatGPT 3.0, as well as the upcoming 4.0, are all critical cutting-edge features;

2. Development of quantum technology.Google has launched QEC, demonstrating that quantum technology can also achieve logical reasoning—a breakthrough once deemed impossible.

3. Semiconductor technology has entered its third generation.

4. Space Technology.

5. Controlled nuclear fusion.

These are core components of the cutting-edge technology landscape. Interconnected and driving humanity into the era of big tech.

Academician of the Chinese Academy of Engineering and Professor Wei-min Zheng from the Department of Computer Science and Technology at Tsinghua University delivered a keynote speech on how ChatGPT is accelerating the arrival of the metaverse. Professor Zheng stated that China needs to focus on three key areas to develop ChatGPT-like products:

1. Algorithm.China currently needs to strengthen innovation in large model algorithms and machine learning algorithms.

2. Data.ChatGPT uses a pre-trained model that requires extensive training data sourced from the internet, making data cleaning challenging.

3. Compute Power.The initial cost of ChatGPT is approximately 8 billion USD, with daily electricity costs around 5 million USD. Maintaining these servers and networks will exceed 1000 billion USD in total. China currently faces a severe shortage of intelligent computing power, which will significantly hinder the high-quality development of artificial intelligence.

To build a Chinese version of ChatGPT, we must focus on algorithms, data, and computing power.

The conference subsequently unveiled the "China Metaverse Industry Development Strategy," with participating organizations and experts reaching a consensus on the "Twelve Strategic Principles for China's Metaverse Digital Economy."The Deputy Director of the Tongzhou District Investment Promotion Center in Beijing interpreted the "Beijing Sub-center Industrial Development Policy Release" series, announcing ten specialized support policies covering modern finance, "Two Zones" construction, cultural tourism, technological innovation, digital economy, pharmaceuticals and health, and modern seed industry.

The summit declared 2021 as the inaugural year of the metaverse. Roblox's IPO officially launched the capital market's metaverse, the release of the "Metaverse" trilogy ignited China's cultural metaverse, and Facebook's rebranding to "Meta" sparked a global tech metaverse movement.

2022 marked a turning point in metaverse history and a year of both opportunity and risk for global metaverse enterprises. Amid severe pandemic-driven disruptions to the global economy, over 170 countries released national digital strategies this year. Guided by China's "14th Five-Year Plan for Digital Economy Development," nearly 30 provincial, municipal, and county-level governments issued industrial support policies related to the digital economy and metaverse. Rapid growth emerged across metaverse infrastructure and key sectors including AR/VR hardware, artificial intelligence, blockchain, and more. An increasing number of industries accelerated digital transformation to deeply integrate digital technologies with the real economy, unlocking new growth momentum. Strategically positioning in emerging tracks for the digital economy and metaverse, while advancing comprehensive digitalization, has become a widely shared and critical global consensus.

A new special research report from Morgan Stanley and Merrill Lynch in the United States indicates that the global metaverse market size is expected to reach 8 trillion to 12 trillion US dollars in 2030 year, with 50 billion people worldwide living within it! If 2021 marks the inaugural year of the metaverse, then 2023 will be a pivotal year for its global development—building on past achievements while forging ahead. Let us unite for the cosmos, prosperity for all people, harmony with nature, and China's rejuvenation; let us build a community with a shared future for mankind and create a new form of human civilization. Together, we will make history and usher in 2023, the "mega" year for the global metaverse industry!