The World IoT Top 500 Summit, one of the important events of the World Internet of Things Convention (WIOTC), was held in Beijing on August 5. The summit coincided with the release of a list ranking the top 500 companies in the industry.

The IoT plays a critical role in the 2030 development agenda and is crucial in many other areas of development, said Shahbaz Khan, director of the UNESCO office in Beijing, during the opening ceremony.

China has set a goal of enabling more than two billion IoT-connected devices by 2023. As the largest developing country in the world, China has set an example in the IoT for the whole world, Shahbaz Khan said. By working together, a world of mutual benefit and shared prosperity will be built, he added.

"The coronavirus, rising geopolitical risks, and conservative forces have restricted economic globalization, affected the global supply chain, and brought severe challenges to all countries," noted Zhang Qin, a member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference.

"However, the innovative development of the IoT and the digital economy will contribute to the world's economic and social progress and development," said Zhang.

China's digital economy was worth more than 45 trillion yuan ($6.72 trillion) in 2021, accounting for 39.8% of GDP, according to a report published by the China Academy of Information and Communications Technology last month. The country plans to build 600,000 5G base stations this year, bringing the total number to more than two million, the Ministry of Industry and Information Technology said at a press conference on July 19.

"As a major country of innovation-driven development, China has the capabilities to lead the world in IoT and digital economy development," said Zhang.

He Xuming, chairman of the WIOTC executive committee, said that the World IoT Top 500 Summit aims to provide a platform for global entrepreneurs and industry experts to share their insights. They can use the summit as a platform to make suggestions regarding the IoT and digital economy innovation. Government officials can also exchange policies and measures to support innovation-driven development.

He added that the WIOTC had been committed to promoting the further development of the world economy and society, bridging the digital divide, and contributing to the UN's sustainable development goals.

The summit culminated in the World IoT Top 500 Ranking List release, with IoT giants like Huawei, IBM, Bosch Group, Intel, Aerospace Cloud, and China Unicom leading the pack.

The enterprises on the list contribute 70% of the output of global IoT economy, providing directions for IoT infrastructure development and the innovation of the digital economy, He Xuming said.

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