China's Internet of Things hits more than US$140 billion

The Internet of Things is booming, averaging 25 percent annual growth as the country becomes increasingly connected.

China’s output of Internet of Things hit  930 billion yuan (US$143 billion)  last year and is growing an average 25 percent a year.

Luo Wen, vice minister of industry and information technology, said on Monday the nation’s industrial chain of Internet of Things “has almost been completed.”

Luo says it is being bolstered by the development of sectors covering chips, equipment, software, telecommunications and systems integration.

Annual output of the industry was just 170 billion yuan in 2009. But more than 100 million machines and devices are now connected.

The government will help develop the industry through pilot projects in smart manufacturing, which would show examples on how to digitize production and connect machines to help enhance efficiency, Luo said.

The Internet of Things is the networking of physical devices, such as lamp posts.

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