The Wuhan East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) welcomed Wuhan's one-millionth enterprise on Sept 11. This marks a significant milestone as Wuhan's total number of enterprises surpassed one million, making it the fifth sub-provincial city in China to achieve this feat.

The number of enterprises is a crucial indicator of a city's business environment, economic strength, innovation capacity, and market competitiveness. More enterprises signify a better business environment and higher economic development.

OVC welcomes Wuhan's one-millionth enterprise. [Photo/WeChat account of Optics Valley of China]

As of Sept 10, Wuhan boasts 2.27 million market entities, with enterprises accounting for about 43.99 percent. The city is home to 15,323 national high-tech enterprises, ranking fifth among cities at or above the sub-provincial level, following Beijing, Shenzhen, Shanghai, and Suzhou.

Wuhan hosts 5,941 municipal-level innovative small and medium-sized enterprises (SMEs), 2,170 provincial-level specialized and innovative SMEs, and 309 national-level specialized and innovative "little giant" enterprises, ranking seventh nationwide.

In OVC, there are 228,000 market entities, including 145,000 enterprises. The area is home to 66 listed companies and over 5,700 high-tech enterprises, highlighting its significant role in driving innovation and economic growth in Wuhan.