Great achievements have been made in the development of the Internet of Things sector in the past few years, and more progress will be achieved in the future, said Lu Xi, an inspector from the Ministry of Industry and Information at a press conference for the 2016 World Internet of Things Exposition (WIOT).

China has already made ten action plans for IoT development, Lu said at the press conference held in Wuxi's Kempinski?Hotel, in Jiangsu province, on Saturday. Two billion yuan ($290 million) has been allocated to promote IoT development?annually over four consecutive years, he said.

Research results have been made in IoT sectors such as sensors, intelligent terminals and chips. Technologies for fiber optic sensors and infrared sensors have reached advanced international level. Micro-electromechanical system sensors have been produced in large scale.

In 2015, revenue of 360.7 billion yuan was achieved in the IoT industry in Jiangsu, the province with well-developed IoT industry, an increase of 30 percent for many consecutive years, according to Gong Huaijin, vice-director of Jiangsu Economic and Information Technology Commission.

Jiansu will strive to make revenue of 900 billion yuan in its IoT industry by 2020, developing a batch of innovative small and medium-sized enterprises, said Gong.

The revenue for Wuxi's IoT industry only reached 168.8 billion yuan at the end of 2015, said Ye Wanbin, vice mayor of Wuxi. More than 1,000 IoT enterprises have been set up in Wuxi, with more than 150,000 people working in this industry, Ye said.

Wuxi, as the core development center for the IoT industry, will build more IoT technological, business incubation and investment centers during the 13th Five-Year Plan period (2016-2020). Industrial chains will be further developed for information sensing and network communication.

The WIOT will be held from Sunday to Tuesday in Wuxi. It is expected to serve as a platform to show new IoT technologies and products and communication channels for business leaders and industrial professionals.

It has?gathered nearly 500 companies and 80,000 people including business leaders, experts and government officials, with the theme of "Innovative internet of things era and sharing global wisdom".