OVC's GDP growth rate reaches 10.1% in Q1-Q3

In the first three quarters of 2024, the GDP growth rate of the Wuhan East Lake High-tech Development Zone (Optics Valley of China, or OVC) reached 10.1 percent year-on-year.

OVC has been experiencing rapid economic growth since the beginning of the year. Its GDP growth rate in the first three quarters remained in the double digits, ranking first among high-tech zones in the country. Nine key economic indicators exceeded Wuhan's average, with the added value of industries above a designated size increasing by 22.7 percent and the added value of the service industry by 6.1 percent.

Industrial investment grew by 20.2 percent year-on-year, with industrial investment accounting for 38.3 percent of fixed asset investment, boosting the growth of fixed asset investment by 6.6 percentage points. High-tech manufacturing investment accounted for 89.2 percent of industrial investment and is expected to become a long-term driving force for OVC's economic development.

Investment attraction efforts had shown significant results, with funds for industrial projects increasing by 28.2 percent in the first three quarters, the highest growth rate in the city. The number of newly registered businesses increased by 20 percent.

The employment situation had steadily improved, with 41,040 new urban jobs created, a 22.4-percent increase. Additionally, over 100 new foreign trade enterprises were established in the first three quarters, with the total import and export volume expected to exceed 160 billion yuan ($22.47 billion).

Moving forward, OVC will seek to maintain steady and rapid growth, striving to achieve its annual economic and social development goals in the fourth quarter.