East Lake High-tech Development Zone in Wuhan -- capital city of Central China's Hubei province -- got the green light to be first national-level science and technology insurance innovation demonstration zone.

The recognition for the zone -- also known as Optics Valley of China -- is according to a plan issued on Oct 9 by the China Banking and Insurance Regulatory Commission and the Hubei Province People's Government.

It is the first national sci-tech insurance innovation demonstration zone approved in China and it is also the first national pilot project in the insurance industry field in Optics Valley.

It is important to give full play to the insurance sector's role in helping tackle key problems in sci-tech and to promote the development of sci-tech innovation enterprises in the zone.

The plan defines tasks for Optics Valley to construct a science and technology insurance innovation demonstration zone.

They include deepening innovation in sci-tech insurance products and services and developing a system and mechanism for investment insurance funds in the sci-tech industry.

Other tasks are innovating an organization system for the sci-tech insurance market, strengthening the demonstration zone's opening-up, establishing the characteristics of sci-tech insurance through demonstrations and consolidating the development foundations of the insurance.

In future, relevant departments will also provide policy support in three areas: reforming the financial support mode for the sci-tech insurance business, establishing subsidy and reward policies for sci-tech risk management and insurance institutions, and improving incentives and training policies for talents.

This will help innovate a number of sci-tech insurance products and services, establish a mechanism for insurance funds to assist the development of sci-tech enterprises and establish and attract a number of insurance institutions and technology risk management platforms to the zone.

It will also introduce a number of high-end professionals in sci-tech risk management and insurance and build a complete sci-tech insurance market system and operation mechanism.

This is so that sci-tech insurance can become an effective way of risk management for innovation in the field.

Moving forwards, the zone will build the demonstration zone with high standards and form implementation plans as soon as possible.

It will create a sci-tech insurance innovation demonstration zone that meets the specific needs of Wuhan and enhance the innovation and development ability of sci-tech enterprises resident in the zone.

And it will build the sci-tech insurance innovation demonstration zone into a leading domestic demonstration zone -- to provide information and experience that can be replicated elsewhere, for the development and innovation of a national sci-tech insurance service industry.