Xiaomi CEO Lei Jun, deputy the National People's Congress, talks to media in Beijing, on Mar 5, 2017. [Photo/VCG]

Lei Jun, founder and CEO of Xiaomi

Keywords: Internet of Things (IoT); national standard for smart home; entrepreneurial environment; new retail

The Internet of Things (IoT) will become the next industry worth more than one trillion yuan, far beyond mobile internet. The launch of a national standard for smart home will put China at the global forefront.

The government should put more emphasis on reforms of commodity circulation while continuing the supply-side structural reform. New retail sector wants a combination of both online and offline. The sector uses internet to help brick-and-mortar retailers achieve transformation and upgrading, and to improve user experience and efficiency.