Metaverse was discussed at Shanghai’s Two Sessions this week, the city’s most influential annual political meetings, where a delegate called for more regulatory efforts toward the supervision and development of metaverses.See related article: Shanghai sees its metaverse industry growing to US$52 billion in four yearsFast factsSome companies use the metaverse concept as a gimmick, Zhai Jun, a Two Sessions delegate of the Revolutionary Committee of the Chinese Kuomintang, told state media Chinanews.com at the gathering. According to the delegate, businesses are damaging the trust in metaverse-inspired projects by adding the word “metaverse” to legacy products and services. The market value of 135 Chinese metaverse-related stocks was at 1.3 trillion yuan (US$192 billion) as of 03:30 p.m. Hong Kong time, according to eastmoney.com, a finance information provider based in the mainland. In July 2022, the Shanghai government promoted a 10 billion yuan metaverse industrial fund to raise the sector’s revenue to 350 billion yuan by 2025. Metaverse was discussed at China’s Two Sessions for the first time in March 2022, when delegates called for laws to govern data security and curb speculation. Governments of Zhejiang province, Henan province, Beijing and Chengdu have also published plans to support metaverse development.See related article: ‘Metaverse’ enters government radar at China’s Two Sessions