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| The intelligent transportation products and systems show at the 3rd China International Internet of Things Congress in Shanghai on June 28. China will launch favorable fiscal and tax policies to promote an orderly and healthy development of the Internet of Things, according to government guidelines. Jing Wei / For China Daily |
China aims to build a basic industrial structure for the Internet by 2015 to promote technical upgrading and public service levels, according to a government document.
The structure will center on the "Internet of Things", regarded as the third round of the information technology revolution after the emergence of mobile phones and the Internet. It refers to uniquely identifiable objects and their virtual representations in an Internet-like structure.
The country will "launch fiscal and tax policies in favor of investment and financing (in the sector), so as to promote an orderly and healthy development of the Internet of Things", according to a guidelines document on the central government website on Sunday.
Equipping objects with identifying devices could transform daily life. For instance, businesses may no longer run out of stock or generate waste products, as involved parties would know which products are required and consumed.
The State Council, China's cabinet, said the country will achieve "applications of the Internet of Things in key areas by 2015, as well as breakthroughs in core technologies".
China will "develop a number of backbone enterprises, cultivate a group of innovative small businesses, and form a number of distinctive industrial clusters," the guidelines stated.
According to a development plan for Internet of Things industries compiled by the Ministry of Industry and Information Technology, China's IOT market was close to 200 billion yuan ($32 billion) in 2010.
Analysts expect the market expanded to 365 billion yuan by the end of 2012, and will grow to more than 1 trillion yuan over the next four years.
Stocks related to the IOT concept rallied on Monday, led by BDStar Navigation and Invengo Information Technology Co, both of which rose around 5 percent. The entire slate was up 1.66 percent at the close.
Hu Yujie, an industrial analyst with Cinda Securities Co, said cities such as Wuxi, Shanghai, Beijing, Hangzhou, Qingdao, Ningbo and Suzhou have all launched their "smart city" programs, which will be included in the IOT development program.
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