Chinese state newspaper warns of metaverse ‘fever’ after Meta announces major job cuts
- The metaverse industry sounds promising but it may not fit every region, according to an article by Economic Daily, run by China’s State Council
- Since last year, authorities in several major Chinese cities have unveiled plans to support the development of the metaverse
China’s top economic newspaper cautioned against “feverishly” jumping on the metaverse bandwagon as local governments and enterprises flock to the booming industry, even as Facebook owner Meta Platforms announces job cuts this week.
“The metaverse industry sounds promising, but it may not fit every region. Be wary of feverishly following suit and betting big on it while detached from reality”, said an article by the Economic Daily, a newspaper run by the State Council and overseen by the Chinese Communist Party’s central propaganda department.
The article, which urged “prudence when expanding into the metaverse industry”, said more than 30 local governments in China have issued policies in support of metaverse development, and that more than 18 metaverse-specific industrial parks have been established.
The Economic Daily compared it to the fervour surrounding the new energy industry years ago, which resulted in an overcapacity of solar and wind power generation in many areas. On its official website, the newspaper defines itself as “an important channel of public opinion for the CCP Central Committee and the State Council to guide economic work”.
The article did not mention Meta directly.