Tencent's logo is seen. [Photo/WeChat account of Optics Valley of China]

Many digital economy giants in China have inked cooperation agreements with the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC), and have laid out vital businesses in the Wuhan New City.

The digital economy has become a new frontier for the global competition, which is why OVC has been cultivating its AI, big data, quantum information, brain science, and other cutting-edge technologies. It has also gathered more than 120 AI enterprises, accounting for 66 percent of Wuhan's total.

Last year, the added value of the valley's core digital economy industry surpassed 90 billion yuan ($12.54 billion), and over the first 11 months of 2023, OVC's total investment project contract volume reached 211.1 billion yuan, ranking first in the city. Of those projects, nearly 30 are involved in the digital economy field.

Alibaba Cloud is a leading global cloud computing and AI technology company. It holds a significant market share in cloud computing (IaaS), second only to Amazon and Microsoft, and ranks first in the Asia-Pacific market. It plans to establish its third cloud node in the valley.

Tencent Cloud Computing is a wholly-owned subsidiary of Tencent Group. It focuses on cloud computing, security, AI, and other basic products, providing professional solutions for various industries. Currently, Tencent Cloud has invested in two companies in OVC that have a combined workforce of over 1,000 employees.

Meituan's logo and slogan are seen. [Photo/WeChat account of Optics Valley of China]

Meituan is the largest domestic lifestyle e-commerce platform in China. Its service covers over 200 categories, including food delivery, hotel travel, and leisure entertainment. So far, Meituan has established its experience service center and several grocery projects in OVC, ensuring the delivery of online grocery orders within 30 minutes.