On August 23, the Chinese local government body announced the “Beijing Urban Sub-Center Metaverse Innovation and Development Action Plan (2022 -2024)” Beijing municipal department of Tongzhou District released the Web3 innovation plan as per the translated document . It noted, “In order to systematically promote the development of Metaverse-related industries in the sub-center of the city, create an urban technological innovation highland with distinctive digital characteristics, and help Beijing build a benchmark city for the digital economy, this action plan is specially formulated.” Previously in July, the Shanghai city government had unveiled its plan for developing a 350 billion yuan…