The Global Future Cities Alliance (GFCA) signed a Memorandum of Cooperation (MoC) with China Association of Trade in Services (CATIS) to accelerate smart city development in China.
CATIS and GFCA agree to introduce leading technologies and methodologies into China, promote the construction and operation of standards and best practices and improve services of China's smart city industry.
GFCA is a non-profit organisation focusing on the smart city industry, integrating standard research and development, technology application promotion, industry chain cooperation, talent training, investment and financing.
CATIS was established in 2007 by the Ministry of Commerce of China to assist the government in formulating and improving the service trade laws and regulations and to promote Chinese service brands worldwide.
The MoC comes at a time when China is witnessing a fast development of smart cities.
According to a report by Deloitte, China has about 500 smart city pilot projects, the highest number in the world.
Frost & Sullivan says by 2025, more than 50% of Asian smart cities will be in China.
Approximately $320 billion is expected to be generated in the Chinese economy from the smart city segment compared with $2 trillion market value worldwide.