The 2024 World Virtual Reality Innovation Conference was held on Nov 12 and 13 in Laoshan district, Qingdao, as a part of the city's efforts to fuel the VR industry, which is considered to be a key driver for innovation-driven development.

As an international summit in the field of VR, the conference gathered domestic industry elites, research experts and numerous managers from well-known companies, serving as a platform to showcase the latest technologies, products and concepts in the fields of VR and artificial intelligence.

During the conference, a VR industry development report of 2024 and a brief analysis of the VR industry's development trends were released, sparking extensive discussions on the current development of the industry and future trends.

The Action Plan for the Integration and Development of Virtual Reality and Industry Applications (2022-26) issued by five ministries including the Ministry of Industry and Information Technology proposed that by 2026, the overall scale of China's VR industry, including related hardware, software and applications, will exceed 350 billion yuan ($48.4 billion).

Qingdao is one of the earliest cities in China to enter the track of developing the VR industry, according to officials. In 2016, Qingdao proposed the strategy to build itself into the "China's VR industry city".In 2022, Shandong province designated Qingdao as the "center" for VR development in its industrial layout and initiated the construction of the VR industry park in Laoshan district.

Just before the conference, Shandong province released its 2025-27 action plan to promote innovation and the high-quality development of 10 representative industries in the province. Qingdao is regarded as a hub to drive the usage scenarios, innovation and interaction of VR and AI.

In September 2022, the Qingdao Virtual Reality Industrial Park in Laoshan district became the city's first officially listed specialized park for the emerging industry. The park has gathered a number of high-profile companies such as Goertek and DPVR so far.

The first-phase project of VR integrated machines and optical modules in the industrial park has installed 22 production lines, forming a full industry chain of core component production. It includes integrated machines and optical modules, display modules, acoustic modules and chips, with an expected annual output value of 7 billion yuan.

In terms of technological innovation, Laoshan district has brought together 13 provincial-level innovation platforms such as the national VR innovation center and the national engineering laboratory for VR and AI technologies and applications, which will continuously empower the industry's development.

Additionally, the Qingdao city government worked with Laoshan district to introduce policies to support project settlement from 12 aspects. These include talent incentives, fixed asset investment and research and development innovation. With the improvement of the Qingdao VR industry, more related companies are investing in Qingdao. This year, the Qingdao Virtual Reality Industrial Park has introduced more than 30 high-quality projects in the VR field.