Despite its curbs on Internet freedom, China is leading the way in shaping the Internet of Things (IoT), driven by its huge Internet user base and the fact it is a major player in both the hardware and software industries, says Suwatchai Songwanich, CEO of Bangkok Bank (China). “IoT will be one of the most important trends for China, as we are already seeing an explosion of new products that can connect to the Internet,” he says. In fact, China's 'Silicon Valley', Zhongguanchun, is home to over 12,000 hi-tech firms including Lenovo and Xiaomi. Zhongguanchun, an area in the northwestern part of Beijing and home to over 12,000 hi-tech firms, including many well-known IT players such as Lenovo and Xiaomi, is often referred to as China’s Silicon Valley. Management consulting firm Accenture estimates the IoT could add around $500bn to China's GDP between now and 2030.
Despite its curbs on Internet freedom, China is leading the way in shaping the Internet of Things (IoT), driven by its huge Internet user base and the fact it is a major player in both the hardware and software industries, says Suwatchai Songwanich, CEO of Bangkok Bank (China). “IoT will be one of the most important trends for China, as we are already seeing an explosion of new products that can connect to the Internet,” he says. In fact, China's 'Silicon Valley', Zhongguanchun, is home to over 12,000 hi-tech firms including Lenovo and Xiaomi. Management consulting firm Accenture estimates the IoT could add around $500bn to China's GDP between now and 2030.