China issues white paper on the VR industry

The Chinese Ministry of Industry and Information Technology (MIIT) issued a white paper on VR industry development on Thursday, calling for research on standards for the VR industry and regulations for the industry’s development.

MIIT cites data from global leading mobile internet organization iiMedia Research, pointing out that China’s VR market reached RMB 1.54 billion (USD 237 million) in 2015, and should reach RMB 5.66 billion in 2016 and RMB 55 billion in 2020.

MIIT also points out that VR’s consumer market will explode in six months to a year. VR technology systems and industrial patterns are already taking their initial shape now, and China will launch plans to regulate the industry as soon as possible in case it is left behind developed countries.

Liu Huayi, vice president of the Electronic Devices and System Research Center, China Electronics Standardization Institute, disclosed that China would issue a series of regulations on VR content production,VR terminal displays and soft platform development this year.

With the VR sector heating up in China, many Chinese companies are competing for a part of the emerging VR landscape. Some competitive players in the field include Beijing-based Baofeng Mojing, ANTVR and Noitom, Shanghai-based DeePoon and Shenzhen-based 3Glasses.

Read our VR story series here.

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