Optics Valley ranks 1st in business environment for 3 years

An optical device manufacturing base in the East Lake High-tech Development Zone. [Photo/WeChat account of Optics Valley of China]

The East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) has topped the business environment assessment list in Central China's Hubei province for the past three years, according to a provincial news conference held on Feb 29.

A series of policy measures have been taken to ensure that procedures involved in business registration, deregistration and other such processes are streamlined. By the end of 2023, nearly 140,000 enterprises registered in the valley, with the number of operational entities exceeding 200,000.

OVC took the lead in Hubei to create the Optics Valley Digital Talent Card, whose 1.0 version provides government services, medical services, and other green channels involving children's enrollment, entertainment and financing. Its 2.0 version offers online registration and simplified application services through the use of big data and artificial intelligence. By the end of last year, a total of 814 high-end personnel received the card.

In addition, the valley has given financial support targeting enterprises in loan application, bond issuing, and financing. In 2023, the growth rate of deposits and loans in renminbi and foreign currencies in the valley reached 15 percent, with seven enterprises being listed.

The Optics Valley of China has introduced the country's first special policy to support the export of intellectual property rights (IPRs), establishing the nation's first IPR administrative adjudication institution and the province's first specialized IP court in East Lake Science City.

In 2023, the total turnover of technical contracts in the region increased by 40 percent year-on-year.

OVC has also established the country's first import and export enterprise service alliance operating under the "1+N" model. In 2023, it added 100 new enterprises involved in the import and export sector.