Beijing 24 February 2022 (TDI): The China Mobile Communication Association Metaverse Committee (CMCAMC) has signed a strategic partnership with the Asia Digital Bank (ADB). CMCAMC announced itself as China’s first metaverse industry group on Tuesday.

This partnership will jointly explore the new digital finance and trade ecosystem in the metaverse era. It will promote cooperation for the digital economy with countries along routes of the Belt & Road Initiative (BRI).

China’s Vission to consolidate Digital Leadership

China paid great attention to leveling up the development of the digital silk road through a variety of measures. It is a part of a plan to develop China’s digital economy during the 14th Five-Year Plan period (2021-2025).

This plan includes digital economic cooperation with global partners, cooperation with BRI countries to ensure network infrastructure interconnection, among others. 

China Mobile Communication Association Metaverse Committee

The CMCAMC was set up in Beijing on October 15, 2021. Its objective is to study national industrial policy and mobile communication development strategy. It also focuses on the relationship between industrial development and government macro-control to serve governmental decision-making.

The CMCAMC also coordinates with industrial experts locally and abroad and promotes exchanges and cooperation among industrial enterprises. It has launched various seminars, forums, and research activities related to the mobile communication industry.

The members of the CMCAMC include China’s telecommunications carriers. They include China Mobile Communication Group, the China-United Communications Co, and the China Telecommunications Co., Ltd.

They also include institutions, government policy research departments, and experts from the finance, technology, and media sectors.

Cooperation with Asia Digital Bank

The ADB is the world’s first digital bank with a self-financing system built on blockchain technology. This is approved by Malaysian authorities. The Chinese institutions’ guide is based on digital and financial strategic cooperation under the BRI.

ADB will cooperate with the CMCAMC in five key sectors following regulations in both China and Malaysia. Apart from the BRI members, both countries also aim to connect China’s economy with the global digital economy through blockchain.

They will facilitate the issuance, trading, and circulation of high-quality assets of the world’s second-largest economy in the global market. Still, both countries will offer more business services and support for metaverse projects under the offshore financial policy framework.

Yu Jianing, executive director of the CMCAMC, said the Committee will continue to explore innovative models. It will empower industries through cutting-edge digital and financial technologies, for future cooperation with BRI economies.

Yu added that efforts will be made to integrate both domestic and international digital and financial resources. It will offer diversified, customized, international, and digital services. It will also promote metaverse partnerships among China, ASEAN members, and the rest of the world