China is eyeing international cooperation on the internet of things as the IoT market has been rolling on with full force all over the world.
IoT is the interconnection of physical devices, be it a car or phone or an entire building, which allows information to be sensed and flow freely, controlled through a remote network.
The market size of China's IoT industry is expected to exceed 1.5 trillion yuan ($231.4 billion) in 2020, up from over 900 billion yuan in 2016, according to a forecast in the China Annual IoT Development Report (2016-2017).
"While IoT is developing at an unprecedented speed, not only in China but also across the world, a series of problems including lack of uniform standard, network safety and system integration have also appeared," said He Xuming, executive chairman of the World Internet Of Things Convention.
The convention, established by the World Chinese Business Alliance and some international organizations, is aimed at pooling wisdom of talents on IoT to promote the establishment of a global IoT system.
"In a bid to promote sustainable development of IoT, IoT enterprises, standard research and development institutions are expected to shake hands to build universal standards," He added.
By now, the convention has cooperated with organizations from countries including the US, Russia and Germany to promote integration and upgrades to the world's IoT industry.
He also predicted at the convention the global IoT market is expected to exceed $30 trillion, with billions of connections by 2025.
From China Daily