OVC achieves steady GDP growth in H1

The Wuhan East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) registered a strong economic performance in the first half of 2024, achieving a regional GDP of 140.35 billion yuan ($19.37 billion), a year-on-year increase of 10.2 percent, making it the top performer in Wuhan in terms of both GDP and growth rate.

The added value of the industries above designated size in OVC rose by 25.6 percent year-on-year, the fastest growth in the city. Key industries showed robust growth, with computer, communication and other electronic equipment manufacturing increasing by 32.9 percent, pharmaceutical manufacturing by 8.3 percent, and instrument manufacturing by 9.2 percent.

OVC sees a strong economic performance in the first half of 2024. [Photo/WeChat account of Optics Valley of China]

Meanwhile, investment in the OVC remained strong, with monthly investment exceeding 10 billion yuan. Industrial investment increased by 21.4 percent year-on-year, a 10.6 percentage point rise from the first quarter. Furthermore, the OVC signed 78 new project agreements worth over 100 million yuan each, a year-on-year increase of 21.9 percent, with a total contracted amount of over 160 billion yuan. This included six industrial projects worth over 500 million yuan each, twice the number of the same period last year.

In addition, the profit-making service sector in the OVC had rebounded strongly, with operating revenue exceeding 80 billion yuan. Domestic trade had been boosted by the "trade-in" campaign, which had stimulated consumer spending, resulting in a 12 percent year-on-year increase in retail sales above the limit. Foreign trade had also continued to improve, with 74 new enterprises entering the export market.

Furthermore, the number of newly registered businesses in the OVC reached 15,000 in the first half of the year, a year-on-year increase of 38 percent, bringing the total number of OVC's enterprises to 143,400. The economic development had also boosted employment, with 27,700 new jobs created, a 15.1 percent year-on-year increase.