Wuhan Economic and Technological Development Area officially unveiled

The unveiling ceremony for the Wuhan Economic and Technological Development Area of the Wuhan Linkage Innovation and Development Zone in the China (Hubei) Pilot Free Trade Zone on March 2. [Photo provided to en.whkfq.gov.cn]

On March 2, the unveiling ceremony for the Wuhan Economic and Technological Development Area of the Wuhan Linkage Innovation and Development Zone, located in the China (Hubei) Pilot Free Trade Zone, took place.

Several prolific officials attended the event, including Liu Ziqing, secretary of the management committee of the Wuhan Economic & Technological Development Zone (WEDZ); Wang Yuancheng, vice mayor of Wuhan Municipal People's Government; and Shi Minghui, vice president of the Hubei Sub-council of the China Council for the Promotion of International Trade.

The Wuhan Economic and Technological Development Area of the Wuhan Linkage Innovation and Development Zone will focus on the development of new energy and intelligent connected vehicles (ICVs), as well as automotive components. It aims to drive innovation and development across the entire automotive industrial chain, striving to accelerate the development of new formats and models in foreign trade.

The implementation area of the Wuhan Economic and Technological Development Area covers 31.39 square kilometers and is planned to include five functional areas for new energy vehicle (NEV) export, import, remanufacturing, and quality identification of automotive components, integrated development of domestic and foreign trade, port logistics, and institutionalized open pioneer.

Over the last three years, WEDZ has achieved a total import and export volume of 110.2 billion yuan ($15.35 billion), with an average annual growth rate of 18.3 percent, attracting an actual foreign investment of $1.49 billion, with an average annual growth rate of 123.4 percent.