Wuxi in Jiangsu province, as a national demonstration base for the Internet of Things (IOT) industry, has enjoyed fast development in recent years, with the total number of IOT enterprises reaching 979 and output value amounting to 125.4 billion yuan ($20.2 billion) in 2014, according to a city meeting on the IOT development on April 3.

The income of IOT and related industries has exceeded 200 billion yuan, doubling that of 2012, with an annual growth rate of nearly 40 percent. The number of enterprises with annual revenue exceeding 1 billion yuan and 20 million yuan reached 22 and 351 respectively, according to the figures submitted to the meeting.

The meeting also announced the goals for 2015, setting the income target at 260 billion yuan with an annual growth rate of 30 percent.