China's industrial internet industry to reach $438 Bln

CNC
Added On March 27, 2020

INTRO

The added value of China's industrial internet industry is forecast to reach about 438 billion U.S. dollars in 2020, up 47.9 percent from last year.

PKG

The forecast comes via a report released Tuesday by the China Academy of Information and Communications Technology.

  

The report says the industrial internet industry is estimated to account for 2.9 percent of China's GDP this year, and will contribute to more than 11 percent of GDP growth.

According to the report, industrial internet will become one of the most active areas in the national economy and is expected to create more than 2.55 million new jobs in 2020.

The Ministry of Industry and Information Technology says China will hit the "fast-forward" button on the development of 5G technology to mitigate economic impacts from the novel coronavirus outbreak.

The country will support telecom operators to expand standalone 5G network coverage and capacity.