The signing ceremony for the strategic commercial cooperation contracts at the first OVC New Business Development Conference on Dec 21. [Photo/WeChat account of Optics Valley of China]

The first OVC New Business Development Conference took place in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC), Wuhan, Central China's Hubei province, on Dec 21, attended by 500 national business circulation specialists, Chinese and overseas business leaders, and representatives of high-quality investors and brands.

The OVC business white paper and OVC consumption index report have been released, accompanied by the signing of several strategic commercial cooperation contracts. The valley is actively recruiting global business partners to expedite the development of a distinctive business layout.

A total of 11 entrepreneurs were appointed as the OVC business partners, and a dozen restaurants were ranked as excellent at the event.

To date, the valley's large- and medium-scale business facilities boast a combined construction area of 1.8 million square meters. The total retail sales of consumer goods in the past year tripled compared to 2016, demonstrating an average consumption growth rate of 25.6 percent.

Statistics show that the consumer group under 30 in the valley is larger than Wuhan's average. This year, the number of newly registered catering businesses in the valley exceeded 6,000. In addition, instant retail, cross-border ecommerce, immersive consumption, smart consumption, and unmanned supermarkets have multiplied local buyers' shopping experience.

It is estimated that by 2035, OVC's large- and medium-scale business facilities will occupy an area of 4.9 million sq m.

The 2023 city commercial strength ranking list suggested that over the past three years, Wuhan's commercial strength has risen from 10th to 7th in the nation, only second to Shanghai, Beijing, Shenzhen, Chengdu, Guangzhou and Chongqing.