SiEngine Technology is a high-tech enterprise in the Wuhan Economic & Technological Development Zone. [Photo/whkfq.gov.cn]
The Wuhan Economic & Technological Development Zone (WEDZ) exceeded the national research and development (R&D) investment average with an intensity of 1.02 percent in 2023.
In 2023, the zone saw a nearly 25 percent year-on-year increase in R&D investment from its top-tier enterprises, reaching 15.37 billion yuan ($2.10 billion). The R&D expenditure of these top-tier enterprises amounted to 64.47 billion yuan, an impressive 50 percent increase with a conversion rate of 42 percent.
Contributions came from companies such as Lotus, Dongfeng Motor Corporation, and Voyah Automotive, each investing over 1 billion yuan in R&D in 2023.
These strong performances may be largely attributed to initiatives launched by authorities, such as revising the "33 Measures for Science and Technology Innovation", planning to establish a science and technology innovation fund, and increasing support for technology funds.
A gradient cultivation chain for technology-based enterprises, ranging from technology-based small and medium-sized enterprises to high-tech enterprises, "gazelle" enterprises, and "unicorn" enterprises, has been constructed to facilitate the accelerated innovation and growth of enterprises in the zone.
In 2024, the number of high-tech enterprises in WEDZ surpassed 2,000, a fourfold increase over three years. It is currently home to five "unicorn" enterprises.
Achievements in 2024 include 59 companies, such as SiEngine Technology, receiving 17.85 million yuan in special funds to support the development of high-tech enterprises in Hubei province.
