Auto valley on the way to 'next-generation' growth

An auto plant in the Wuhan Economic and Technological Development Zone [Photo provided to en.whkfq.gov.cn]

Wuhan Economic and Technological Development Zone, also known as China Auto Valley, in Wuhan, capital of Central China's Hubei province, has become home to domestic and international companies pursuing "next-generation" industrial development, local media reported.

The State Power Investment Corporation headquartered in Beijing injected an additional 10 billion yuan ($1.47 billion) into the development zone to build a zero-carbon intelligent power plant. According to Chai Maorong, the power investment company's chief hydrogen energy expert, "Wuhan, as an important demonstration base of the hydrogen energy automobile industry in China, has unique development advantages."

The development zone's output in 2022 is expected to reach more than 200 billion yuan ($29.8 billion).

During an overseas investment promotion activity led by Tong Fei, director of the investment promotion bureau of the development zone, a deal was signed with Rohde & Schwarz, the Munich-headquartered industry-leading technology group in Germany which has businesses in more than 70 countries around the world, to build a Central China regional center in the development zone.

Megatronix (Beijing) Technology Co, a developer of vehicle intelligent products, has also agreed to invest 900 million yuan in the development zone to build an intelligent internet connection research and development center.

Among others, Faurecia, a global automotive supplier in France, has built an electronics research and development center in the development zone. Efi Group from France has increased investment in the construction of an engine plant and a research and development center.

Over the past year, the development zone introduced seven projects, each with an investment of more than 10 billion yuan, and 20 of the world's top 500 companies set up operation in the development zone, with a contract amount of 120 billion yuan. The actual utilization of foreign capital amounted to $2.33 billion.