Published:  03:30 PM, 11 September 2017

China’s internet of things industry nears $140bn

China’s internet of things industry nears $140bn
A Chinese senior official says the output of the internet of things (IoT) industry, which connects devices such as household appliances to the Internet, has exceeded 900 billion yuan ($138 billion) and has a compound annual growth rate of over 25 percent, Xinhua reports.

China will soon take the lead in several leading IoT sub-sectors due to its huge market, complete industrial chain and massive mobile telecom network, added Vice Minister of Industry and Information Technology Luo Wen at a technology expo on Sunday.

The official said the government would support the industry by building technological centres and laboratories and overhaul manufacturers for greater reliability.

The IoT industry will soon expand to other sectors including agriculture, logistics, energy, environmental protection, medical care and other areas, predicted Luo.

Cooperation between IoT companies and research groups, both in China and abroad, will increase and grow the sector and help establish international standards, said Vice Minister of Science And Technology Wang Zhigang.

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