A screenshot of the local TV news report on the Changjiang Optoelectronic Supply Chain Platform. [Photo/WeChat account of Optics Valley of China]

To reduce costs and improve efficiency in the optoelectronic information industry while still ensuring stable supply, Central China's Hubei province established the Changjiang Optoelectronic Supply Chain Platform. In just over three months of operation, the platform has already added more than 200 companies to the supply chain, with small and medium-sized enterprises accounting for 80 percent. Over half of these companies have completed transactions, with the total transaction volume exceeding 100 million yuan ($14.1 million).

Last month, Wuhan Maiwe Communication Co, an industrial switch manufacturer, procured 11 batches of chips through the platform in just over 20 days. Not only did they secure a stable supply of products, but they also achieved nearly a 3-percent reduction in prices.

The company is based in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC). Feng Wenyuan, director of the company's procurement department, stated, "By using the platform, we can directly sign strategic procurement agreements with manufacturers, even those from overseas, which can greatly reduce our procurement costs."

Through this platform, companies not only benefit from centralized procurement, but are also able to find potential partners.

According to Peng Chenglu, general manager of Hubei Changjiang Optoelectronic Information Industry Supply Chain Co, by attracting excellent domestic and international supply chain resources to Hubei and promoting leading companies in segmented fields, the platform continuously enhances the resilience and security of Hubei's optoelectronic information industrial chain.