China is to disclose its guidance for the cloud computing industry soon, Economic Information Daily reported Friday, citing sources at the Ministry of Science and Technology.

The plan has already been approved by the State Council, China's cabinet, according to the report.

China's cloud computing industry may have an output value of 200 billion yuan ($31.74 billion) in three years time, according to the Economic Information Daily. The global cloud computing market is expanding at a compound annual growth rate of 28 percent, the newspaper reported, citing an unnamed agency's prediction.