"The industrial chain of the Internet of Things is widely distributed, ranging from wireless communication to mobile devices and chips. All industries will benefit from the development of the Internet of Things," Hu said.
According to the latest guidelines, China will step up its fiscal support to IOT industries through a special fund for technical innovation, and tax preferences for eligible enterprises.
Apart from support from the central government, the guideline also calls for the participation of venture capital and private investors, in addition to priorities in credit support.
IOT companies are also encouraged to seek direct financing from domestic and overseas capital markets. Chen Yongjie, a senior researcher with the China Center for International Economic Exchanges, said the majority of industrial players in the IOT market are already small and private businesses, and the policy support will help them to be further involved in the sector.
"Small and private businesses have natural advantages in the development of the Internet of Things, as they are good at capturing the market and directing technology development," Chen said.
However, the guidelines also warn against "blindfold construction" of IOT facilities in some regions, and call for the issues to be dealt with properly.
Wu Hequan, an academic at the Chinese Academy of Engineering, said, "China attaches the most importance in the world to the development of the Internet of Things, yet the behavior of many local authorities is still at the concept level."
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