Development zone allocates 30m yuan to incentivize enterprises

Economic figures of the Wuhan Economic & Technological Development Zone in 2023. [Photo provided to en.whkfq.gov.cn]

On March 23, the Wuhan Economic & Technological Development Zone (WEDZ) held a conference on high-quality development that accelerates the formation of new quality productive forces.

WEDZ allocated 30 million yuan ($4.23 million) to reward enterprises and entrepreneurs. A total of 20 entrepreneur representatives were honored as the economic figures of the zone in 2023.

Last year, WEDZ saw an increase of 18,400 new market entities, a year-on-year growth of 23.2 percent. Its GDP growth rate surpassed that of the city, as well as the province.

Lu Fang, CEO of VOYAH, speaks at the conference on March 23. [Photo provided to en.whkfq.gov.cn]

Lu Fang, CEO of VOYAH and one of the selected economic figures, delivered a speech at the event. VOYAH was the first high-end intelligent new energy automobile brand in Wuhan. Lu stated that the company will focus on independently developing core technologies to cultivate and expand the new quality productive forces in WEDZ. This will enhance the resilience and security of local industrial and supply chains.

Liu Ziqing, secretary of the WEDZ working committee, expressed the hope that enterprises and entrepreneurs will proactively embrace digital transformation and strive to become champions in their industries. The committee will encourage resident enterprises to continuously enhance their core competitiveness and brand influence.

The conference also announced awards such as WEDZ's top 10 tax-paying enterprises, top 10 firms for outstanding contributions, Top 10 excellent investment projects, and excellent sci-tech innovation companies. A total of 140 enterprises and financial institutions received these awards.