The Auto Valley Talent Innovation Port [Photo provided to en-whkfq.gov.cn]
Hailed as the "Auto Valley of China", the Wuhan Economic & Technological Development Zone (WHDZ) boasts potent industrial clusters for automobiles, auto spare parts, electronics and home appliances, and enjoys an annual output of over 300 billion yuan ($46.95 billion).
In a bid to stimulate innovation in the zone, the government in July issued 33 specific incentive items for scientific innovation, and authorities have offered other forms of assistance to firms as well.
ECARX (Hubei) Technology Co, for example, has grown into a unicorn since its establishment in the South Taizihu Innovation Valley. Compared with 2017, both the company's staff members and its production capacities have surged rapidly.
Lu Fei, general manager of the company's operation center, highlighted the consistency between Wuhan and WHDZ's abundant scientific resources and automobile ecosystem and the firm's goal of intelligentizing vehicles and creating new auto-human relations. Lu was also grateful for the support granted by the zone's government in finance, food, and antivirus supplies during the COVID-19 pandemic period.
To help corporations solve problems related to talent and capital, WHDZ has built the Auto Valley Capital Island and Auto Valley Talent Innovation Port. Newly registered little giant and unicorn enterprises will be given a 600,000-yuan reward and a 5-million-yuan reward, respectively, in WHDZ, which is currently home to 33 gazelle firms, 50 little giant firms, 339 high-tech companies, 53 corporate research institutes at or above the provincial level, and two national corporate technology centers. The annual output generated by these high-tech firms has exceeded 200 billion yuan.
In addition to its pillar industries, the zone is also focusing on fostering emerging sectors such as the digital economy, high-end equipment, green architecture, general aviation, life and health, and smart homes, which have taken off to varying degrees, and major innovation projects invested by industrial giants, including Geely Group, XPeng Motors, and China Aviation Lithium Battery Technology, have set up operations in the zone.
