A document titled “Web3 Innovation and Development White Paper”, released by Beijing’s municipal government, aims to stimulate advancements in the Web3 industry. The paper was unveiled at the Zhongguancun Forum and acknowledges Web3 technology as an “inevitable trend for future Internet industry development.“
The Beijing Municipal Science and Technology Commission aims to establish Beijing as a global innovation hub for the digital economy. It intends an annual allocation of at least 100 million yuan ($14 million) until 2025.