New policies issued to support IoT and IC industries

Wuxi has implemented two new policies to promote the development of the Internet of Things (IoT) and integrated circuit (IC) industries, the Wuxi municipal government announced at a press conference on Feb 6, 2018. [Photo/js.chinanews.com]

Wuxi has implemented two new policies to promote the development of the Internet of Things (IoT) and integrated circuit (IC) industries, the Wuxi municipal government announced at a press conference on Feb 6, 2018.

The policies have expanded support for a range of fields and subjects, and highlight a comprehensive support system that covers industrial development, technological innovation, application and promotion, and industrial ecology. Eligible information technology companies in Wuxi will be able to enjoy the benefits of these policies.

The new policies, along with already existing ones such as those on modern industrial development and talent, will constitute a modern industrial policy system.

Wuxi, as China's only innovation demonstration area of the national sensor network, has enjoyed rapid IoT development in the past eight years. The number of IoT companies in Wuxi has exceeded 2,000, and they employ more than 150,000 people. The industry's revenue has surpassed 200 billion yuan ($31.71 billion), growing at an annual rate of over 20 percent. The projects undertaken by Wuxi companies now span over 30 countries and regions.

Wuxi's IC industry is no slouch either, as the city has become a national center for micro-electronics, as well as one of China's seven industrial centers for IC designing.

In 2017, the number and scale of Wuxi's key projects hit record highs. Projects undertaken in the city include the Hua Hong integrated circuit project, the establishment of SK Hynix's second factory, the 2017 World Internet of Things Exposition (WIOT), and plans for the construction of Hongshan, Huihaiwan and Xuelang IoT demonstration towns.

According to statistics, the output value of the IC industry hit 89.2 billion yuan, up 11 percent from the previous year. The progress of the IoT and IC industries has helped promote the growth of the high-end software, smart city, and information infrastructure sectors.

As technological revolution and industrial transformation bring both challenges and opportunities, Wuxi must take advantage of its IoT and IC industries to accelerate its development and drive economic and industrial growth in the digital sector.