WHDZ sets innovation-oriented goals in 14th Five-Year Plan

Five-year goals have been set for the Wuhan Economic & Technological Development Zone, or WHDZ – located in Wuhan city, capital of Central China's Hubei province – focusing on boosting innovation and entrepreneurship, according to local media reports.

Wang Yang, deputy director of the Management Committee of the WHDZ, said that in the next five years the development zone will focus on the layout and development of a number of major scientific and technological projects that serve the needs of the national strategy and industrial development, as well as establishing a regional innovation cluster.

The added value of the WHDZ's high-tech industries is expected to account for 28 percent of the regional GDP by 2025, the number of research and development institutions at the provincial level or above will exceed 100, while the total number of new R&D institutions will reach 15.

A high-tech company is an officially certified and recognized enterprise that continuously conducts research and development and the commercialization of technological achievements – and establishes core independent intellectual property rights within the scope of the high-tech field supported by the State. It is a knowledge-intensive and technology-intensive economic entity.

There are currently 331 high-tech enterprises in the development zone. By 2025, it is projected that there will be 3,000 high-tech enterprises and 4,000 high-tech small and medium-sized enterprises in the zone. Some 100,000 university students are expected to stay in the zone for employment and entrepreneurship.

During the 14th Five-Year Plan period (2021-25), it is estimated that the development zone will invest more than 1 billion yuan in promoting science and technology.

The funds will be used to attract 50 science and technology intermediary service agencies, form a slew of national-level innovation and entrepreneurship incubators and create a more active environment for innovation and entrepreneurship.