Policies to help OVC become import trade demo zone

The landmark of the Optics Valley of China is seen as the night falls. [Photo/WeChat account of Optics Valley of China]

Wuhan in Central China's Hubei province recently released 22 targeted policies to assist the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) in becoming an import trade innovation promotion demonstration zone in terms of sci-tech innovation, industry transformation and consumption upgrading.

Last year, the valley accomplished foreign trade of 180 billion yuan ($25.38 billion) and was approved to be Hubei's only State-level import trade innovation promotion demonstration zone.

The pillar industries of OVC are optoelectronics and biomedicine, with new policies aiming to establish an international trade platform for optoelectronic components and integrated circuits (IC) while also focusing on cultivating and attracting industry leaders in these fields.

"Focusing on trade promotion and trade innovation, we will give full play to our industrial advantages and leverage the resources from the domestic and overseas markets as well," said a manager from OVC's free trade reform and innovation bureau.

The policies were formalized to serve the open economic development of the Wuhan-Ezhou-Huangang-Huangshi metropolitan area.

By 2025, the valley is expected to have formed an import trade innovation promotion system, with the annual import volume to reach 100 billion yuan and more than 1,000 foreign traders registering positive growth.