Cisco Systems on Friday signed an agreement with southern Chinese city of Guangzhou to build a "model smart city."

Cisco will establish a head office for innovation in Guangzhou's Panyu District to develop technology related to the Internet of Everything (IoE) and the Internet of Things (IoT), and create a IoE/IoT cloud platform that to serve industry.

"We think this project is a tremendous opportunity for us to bring our capabilities together with our partners to deliver the vision that our teams have to make this an innovation showcase for the world," said Chuck Robbins, chief executive officer of Cisco.

Through big data, cloud computing, and the IoE/IoT, a smart city can address problems such as traffic jams and pollution more efficiently.

The project, the first in China, is expected to generate over 100 billion yuan (15 billion U.S. dollars) every year, according to Wen Guohui, Mayor of Guangzhou.

"The project will help Guangzhou's industrial upgrade and economic development, and will also help the city become an international hub for technology and innovation," Wen said.

Guangzhou, as a national hub for advanced manufacturing, is actively transforming its traditional industries with the introduction of new technology.

Seeing opportunities in China's need for technological upgrades, Cisco announced last June that it would invest 10 billion U.S. dollars to support local innovation, and later set up a joint-venture with Chinese cloud computing and data center company Inspur.

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