Office buildings in the Optics Valley of China, located in Wuhan, Central China's Hubei province. [Photo/Optics Valley of China]

The Party work committee of the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) held a meeting on Feb 20, during which the valley's government work report was delivered.

Last year, a series of remarkable results were achieved. OVC's GDP topped 264.38 billion yuan ($38.57 billion), up 6 percent and accounting for 14 percent of Wuhan's total. In addition, the number of market players and high-tech firms exceeded 180,000 and 5,200, respectively.

The valley saw seven new companies listed, and has established a sci-tech matrix supported by Hubei provincial key labs, major scientific facilities, national innovation centers and new-type research institutions.

This year, OVC aims to increase its GDP by 7.5 percent, the added value of industries above a designated size by 7.5 percent, and the added value of high-tech industries by 12 percent, with its fixed asset investment and total exports and imports to surpass 100 billion and 190 billion yuan, respectively.

By the end of 2023, the valley's R&D investment intensity will account for 10 percent of its regional GDP, and it is expected to register more than 1,000 new high-tech corporations and 15,000 authorized invention patents.

To achieve these targets, the valley will spare no effort to build the core area of the Wuhan New City, further boost consumption, accelerate the development of foreign trade, deepen reforms in key fields, improve the city construction quality, press forward with precise governance, promote the in-depth integration of people, city and industry, and prioritize local education, employment and healthcare.