ZCZC
BCN-21
CHINA-VIRTUAL-REALITY-MARKET
China’s VR market to reach 90 bln yuan by 2020
BEIJING, Aug. 27, 2018 (BSS/Xinhua) – China’s virtual reality (VR) market
is expected to continue rapid growth in the next few years, an industry
expert has said.
The VR market will likely exceed 90 billion yuan (about 13.1 billion U.S.
dollars) by 2020, with compound annual growth rate of over 120 percent, said
Wang Peng, deputy head of China Center for Information Industry Development
with the Ministry of Industry and Information Technology (MIIT).
China’s VR market expanded 164 percent year on year to reach 16 billion
yuan in 2017, data showed.
“The MIIT will continue to support the research and development of core
technologies of VR, and set up industry-wide standards to promote the
applications of VR,” Wang said.
BSS/XINHUA/HR/1400