China has become the most important global production base for virtual reality hardware, said a senior official at China's top industry regulator, the Ministry of Industry and Information Technology.

The commercialization of 5G will bring a new impetus to the technology's wide application, said Wu Shengwu, deputy director of the ministry's electronic information department.

Wu said the VR consumer market is growing rapidly and the industry is gradually maturing, with more forms of VR games and entertainment emerging.

"After China officially granted the commercial use of 5G, the superfast wireless technology will unlock more potential in VR, which is now starting to see more applications in manufacturing, education, medical care and transportation," Wu said.

China's VR industry is expected to be valued at 54.45 billion yuan by 2021, with a compound annual growth rate of 95.2 percent, according to data from the China Center for Information Industry Development, a research institute affiliated with the ministry.

To better accelerate the development of the industry, the ministry will jointly hold the 2019 World Conference on VR Industry with the Jiangxi provincial government from October 19-21 in Nanchang, capital of Jiangxi province.