On March 29, a municipal sci-tech result commercialization activity (for the healthcare and biotechnology industries only) is held in Wuhan. [Photo/WeChat account of Optics Valley of China]

The East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) in Wuhan has in recent years learned from Guangdong and other provinces and has established an open competition mechanism to select the best candidates to undertake key research projects.

"This year, we will relocate 100 million yuan ($14.5 million) to support these kinds of projects," said a staff member from the valley's sci-tech innovation bureau.

The open competition mechanism is now considered as an important approach that addresses technology transfer and talent evaluation problems.

On March 29, a municipal sci-tech result commercialization activity (for the healthcare and biotechnology industries only) was held in Wuhan, Central China's Hubei province, with candidates from the open competition mechanism signing 10 agreements for OVC.