The 10th China Youth Innovation and Entrepreneurship Competition takes place in the Optics Valley of China on Aug 24. [Photo/WeChat account of Optics Valley of China]

The 10th China Youth Innovation and Entrepreneurship Competition and the 2023 China Youth Innovation and Entrepreneurship Exchange Camp were unveiled in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC), on Aug 24.

The event was attended by leaders from the Communist Youth League of China and Hubei and Wuhan governments, as well as representatives from the Ministry of Human Resources and Social Security, Ministry of Agriculture and Rural Affairs, and State Administration of Taxation.

The competition's previous award winners were invited to share their experiences starting businesses, followed by an exhibition of youth innovation and entrepreneurship achievements.

As a demonstration youth entrepreneurship contest, the competition, since its launch in 2014, has attracted over 2.15 million young people with 500,000 projects, encouraging more than 5 million college graduates to start their own businesses.

The majority of firms these young competitors have set up have been identified as gazelle, unicorn or moose enterprises.