THE first VR Special Fund in China was jointly unveiled Monday by the Shenzhen Virtual Reality (VR) Industry Federation and the Global Virtual Reality Conference at the 2016 Global VR Industry and Technology Summit, a sideline activity of the 2016 Bao’an Industry Development Expo to be held from today to Saturday.

    The one-day VR industry and technology summit was held at the Shenzhen Convention and Exhibition Center.

    The fund will be used to build a VR theme park and a VR technology innovation park.

    The summit gathered experts from the global VR industry including Virtual Reality founder Chris Edwards, a member of the U.S. National Academy of Sciences, Oculus leading scientist Michael Abrash, and Chinese Academy of Sciences researcher and Chinese Academy of Engineering academic Ni Guangnan, among others.

    The summit aimed to facilitate the healthy development of China’s VR industry, to promote the establishment of a global standard for the VR industry in China, and to set up a strategic position for China’s VR industry in the world while also building an ideal platform for communication and cooperation regarding VR, 3-D imaging and displays, between enterprises, research institutes and users, event organizers said.

    The Bao’an Virtual Reality Industry Technology Innovation Union was also founded Monday.

    VR is a new technology that replicates an environment, real or imagined, and simulates a user’s physical presence to allow for user interaction. With the development of photology, micro-electronics, imaging, computer technology and artificial intelligence, VR technology is turning into a global trend.

    “The output value of the VR industry in China may reach 55 billion yuan (US$8.25 billion) and the industry will experience explosive growth,” said Tan Yiguo, executive president of the Shenzhen VR Industry Federation. Technology giants have already spotted this field. Among them, Facebook has invested US$2 billion, and on May 19 Google announced that it plans to bring VR to the masses.

    Virtual reality is playing an increasingly important role in the information industry and will become a crucial part of it, Tan said. (Chen Xiaochun)