The “Internet of Things” refers to utilizing the Internet and modern technology, such as RFID, censoring, GPS, and scanning, to identify, locate, track, and manage object movement. Deng Shoupeng, the Vice Chairman of the China Federation of IT Promotion pointed out at the “2010 Wireless Communication Application Conference,” that 2009 is the first year that China has entered the “Internet of Things” market. In 2010, the “Internet of Things” market in China will have reached 200 billion Yuan, including IC, censor, software, and other related industry chains. The size will grow to 750 billion Yuan by 2015.
Deng listed five areas in which China is currently lacking: standards, core technology to support the "Internet of Things," coordination among regions and industries, policies and regulations, and people who understand both the Internet and business.
Source: Xinhua, April 22, 2010