A rendering of the Hiway smart cockpit research and industrialization base. The base was launched by OVC during the second quarter of this year. [Photo/WeChat account of Optics Valley of China]

The major project launch ceremony for Hubei province and Wuhan during the second quarter of this year was held on April 28. During the event, the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) commenced work on 27 projects, the most in Wuhan, with a total investment of 22.15 billion yuan ($3.12 billion).

Data indicated that in the first quarter of 2024, the valley had the highest GDP and GDP growth rate in Wuhan, having signed three projects worth over 10 billion yuan and three projects worth over 5 billion yuan into effect.

During the first three months of this year, the number of newly registered high-tech small and medium-sized enterprises in the valley tripled, and newly registered enterprises grew by 39 percent, bringing the total number of enterprises in OVC to 140,000.

The valley will focus on consolidating its industrial advantages, changing the way it sets up platforms and improving public services.

Of all the projects launched this quarter in the valley, 65.2 percent are industrial projects, 10.9 percent are infrastructure projects, and 23.8 percent are involved in public welfare and properties.