A new white paper on China’s Industrial Internet of Things (IoT) has highlighted surging growth in its contribution to the Chinese economy which is expected to continue in 2020.
The China Industrial Internet of Things Research Institute (中国工业互联网研究院) released its “China Industrial Internet of Things Industry Economy White Paper (2020)” (中国工业互联网产业经济白皮书（2020年）) on 19 August.
According to the White Paper the added value of China’s Industrial IoT was 3.41 trillion yuan in 2019, for nominal growth of 22.14%, and a 3.44% share of Chinese national GDP.
The White Paper forecasts that the Industrial IoT’s added value is set to rise to 3.78 trillion yuan in 2020, for a 3.63% share of GDP.
In 2017 the Industrial IoT’s added value comprised 2.83% of China’s GDP, while in 2018 the figure was 3.04%.
In 2018 Industrial IoT made a 5.03% contribution to China’s national GDP growth, while in 2019 this figure had risen to 8.70%, and is expected by the White Paper to further rise to 11.81% in 2020.
Industrial IoT drove total employment of 26.7961 million people in 2019, for a YoY rise of 13.19%, accounting for 3.46% of all employees in China.
The White Paper expects Industrial IoT to drive total employment of 28.109 million people in 2020, for a YoY rise of 4.90%, creating 1.3129 million new jobs.