Financial incentives and preferential policies have been introduced to support the virtual reality (VR) industry in southwest China's Guizhou Province, according to a VR summit on Saturday.
During the event, Gui'an New Area, an economic zone in the province and host of the summit, announced 10 policies and a blueprint for developing the VR industry.
The area aims to attract 70 VR enterprises with a total production value of 560 million yuan (84 million U.S. dollars) by 2017.
The policies include easier VR business registration, and preference in land approval, government investment and government purchases.
Financial subsidies from 1 million to 5 million yuan will be offered to top VR content creators and business incubators, according to the policies.
Gui'an will also set up an investment fund for the VR industry and support VR enterprises listed on the main stock exchange, according to the policies.
"In the short term, the Chinese VR market should focus on developing the VR industry chain and raise customers' consumer awareness," said Lu Shan, head of CCID, a Beijing-based think tank.
In Q1, the total global investment in VR and augmented reality reached over 1.7 billion dollars, with nearly 1 billion coming from China.
