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 .
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 products range, including blood pressure monitors, security cameras and light bulbs. 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.