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 ) . According to research firm IDC , Chinese companies have been quick to benefit from over $ 24bn in government funds , made available to the IoT ; telecoms company Huawei rolled out IoT technologies providing cloud services to business , bus and train connectivity , and remote management of energy use ; Xiaomi , the smartphone manufacturer , launched a home - use product range , including blood pressure monitors , security cameras and light bulbs . China is at the forefront of this change, which may surprise some given Beijing’s curbs on Internet freedoms. In addition , 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 will 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 ) . According to research firm IDC , Chinese companies have been quick to benefit from over $ 24bn in government funds , made available to the IoT ; telecoms company Huawei rolled out IoT technologies providing cloud services to business , bus and train connectivity , and remote management of energy use ; Xiaomi , the smartphone manufacturer , launched a home - use product range , including blood pressure monitors , security cameras and light bulbs . In addition , 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 will add around $ 500bn to China 's GDP between now and 2030 .