NANCHANG, Oct. 19 (Xinhua) -- The 2020 World Conference on VR (virtual reality) Industry kicked off Monday in Nanchang, capital of east China's Jiangxi Province.

Themed "new opportunities, new prospects," this year's conference focuses on the key and common problems in VR industry development, discusses industry trends and solutions and illustrates the latest achievements in the field.

The two-day event is being held both online and offline this year. Some 100 representatives from 18 countries and regions will discuss the VR industry ecosystem, entertainment, tourism, healthcare and other fields in person or via video link.

Co-hosted by the Ministry of Industry and Information Technology (MIIT) and the provincial government of Jiangxi, the conference has been held each year in Nanchang since 2018.

During the conferences in the previous two years, a total of 261 projects were inked, worth 128.4 billion yuan (about 19 billion U.S. dollars).

China has witnessed a maturing and expanding VR industry as the country pushes for the high-quality development and extensive application of new technologies. According to the MIIT, China's VR market will amount to 54.45 billion yuan by 2021.