Representatives from Optics Valley, PSBC's Hubei Branch and PSBC Wealth Management Corporation Limited attend a meeting on May 26. [Photo/WeChat account of Optics Valley of China]

The East Lake High-tech Development Zone -- also known as Optics Valley of China and based in Wuhan, capital city of Central China's Hubei province -- signed agreements with Postal Savings Bank of China (PSBC) Hubei Branch and PSBC Wealth Management Corporation Limited on May 26, to expand their existing business links.

Under the agreements, the three parties will expand their activities to develop major industrial projects, provide improved financial services for companies in the zone, innovate financial products and be proactive in other areas. 

Liu Jie, director of the management committee of the zone, praised PSBC for its long-term support for the zone's development and urged the bank to focus on innovation and continue to help with the comprehensive development of Optics Valley.

Xu Xueming, vice-president of PSBC, said the bank and the zone had established a solid foundation and a broad platform for cooperation. He said the bank would increase its resource allocations to provide more financial and professional support to Optics Valley's resident businesses.

In the current year, the Hubei Pilot Free Trade Zone Wuhan Area branch of PSBC is expected to issue loans totaling 10 billion yuan ($1.57 billion), Xu said.