The Financial Center of Optics Valley of China [Photo/WeChat account of Optics Valley of China]

A work plan for the East Lake Technology Insurance Innovation Demonstration Zone was unveiled recently to help high-tech corporations better cope with the potential risks of scientific research and application.

The work plan is meant to establish a technological insurance service system based on enterprises' needs for risk management.

Back in October 2020, the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) received approval to set up a technological insurance innovation demonstration zone, the first of its kind in China.

The work plan states that by 2025, the demonstration zone will become a hub for technological insurance institutions and a pilot zone for technological insurance innovation and ecosystems. The zone at that time should be home to more than 20 technological insurance and related research institutions, and the number of insured high-tech companies in the zone should hit 5,000. The risk securities provided by the zone should exceed 1 trillion yuan ($150 billion) in value, and the insurance fund introduced to the zone should be valued at 100 billion yuan.

The work plan also encourages the zone to promote the application of insurance types authorized by the government to medium and small-sized technological enterprises. All firms based in Optics Valley that meet certain requirements should receive insurance in environmental pollution accountability and safe production responsibility.

Senior executives and key research personnel of high-tech enterprises will be prioritized for improved insurance for health, endowments, and accidental events, in order to help enterprises retain talent in key areas.