The Optics Valley Square [Photo/Optics Valley of China]

A series of provincial financing project agreements related to project loans, bond financing, fund investment and government-bank cooperation for the construction of Wuhan New City were signed on Feb 3, involving capital totaling 159.12 billion yuan ($23.49 billion).

"Every step of our development requires financial assistance. In 2023, our company will coordinate the development of our bases in the Wuhan New City," said Wu Xuan, president of the Wuhan YIFI Laser Equipment Co, a national high-tech enterprise based in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) specializing in the manufacture of laser precision welding equipment and automated production lines.

The new city is expected to become Hubei's sci-tech innovation hub and a gathering place for strategic emerging industries.

"We will endeavor to build a provincial sci-tech innovation hub, develop sci-tech finance and inclusive finance, and advance the construction of the East Lake Science City and the Optics Valley Sci-tech Corridor to promote the resilient development of the new city," said a manager of the Bank of Communications.

The Hubei Bank will reportedly provide a credit line of no less than 10 billion yuan and establish a project library for the construction of the new city.

Capital guarantees the early launch of the major infrastructure projects in the Wuhan New City. According to the Hubei Science Technology Investment Group Co, key projects for this year need about 5 billion yuan in financial support.