China has set a target for its core Internet of Things (IoT) industry to exceed 3.5 trillion yuan (about $505.8 billion) by 2028, according to an action plan jointly issued by the Ministry of Industry and Information Technology and other departments.

The plan states that by 2028, China aims to formulate or revise more than 50 advanced and applicable standards and increase the number of IoT terminal connections to 10 billion.

The IoT enables ubiquitous intelligent connections among humans, machines and objects through sensing technologies and communication networks, bridging the digital and physical worlds.

To foster innovation and development in the IoT sector, the action plan outlines five major measures: promoting the innovation and upgrade of IoT devices, enhancing the service efficacy of IoT platforms, cultivating IoT application scenarios, strengthening the IoT network foundation, and fostering a sound ecosystem for IoT industry growth.

By 2028, new IoT technologies, products and business models are expected to continue emerging, with improved innovation capabilities across the industry, according to the plan. Breakthroughs will be made in key technologies, such as sensing, networking and communication, data processing, and security, significantly raising the intelligence levels of terminals and platforms.