What happened: US giant Microsoft intends to locate a virtual reality (VR) and mixed reality (MR) incubator in Nanchang, Jiangxi province. The company signed a memorandum of understanding (MoU) with the city’s Honggutan New District at the 2018 World Conference on VR Industry on Saturday (October 20). The incubator is open to both Chinese and international firms
Why it’s important: According to the provincial industry and information technology commission, Jiangxi has already become something of a VR hub. The province has partnered with 150 companies to invest RMB 63 billion in VR and related industries. The focus is to drive the development of both hardware and software, as well as its applications. According to the Ministry of Industry and Information Technology, China’s VR market is expected to exceed RMB 90 billion by 2020. Microsoft has been focused on tech development in China for some time. Last month, the company announced plans to set up an AI research facility in Shanghai to develop the medtech, smart industrial park, smart home, and fintech sectors.