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Beijing University Join Hands With Wuhan Companies
China's prestigious Beijing University inked an agreement Sunday with Beijing Yanzeyuan Corporation and Wuhan Innovation Sci-tech Investment Corporation to jointly develop optical and electronic products in Wuhan, capital of central China's Hubei Province.
The university and the two companies also reached consensus on the set-up of a joint company, the Wuhan-Beiguang Digital Video Industry Development Co. Ltd.
Under the agreement, the university will provide digital video technology to the new company, while the other two will be responsible for the over-all operation of the contract.
After completion, the project will yield an annual output value of 30 billion yuan (about 3.6 billion US dollars).
Wuhan has announced an ambitious plan to build China's largest optical electronics information base.
Within five years, the city will try to raise the output value of what will be known as "optics of China" to almost 120 billion yuan (about 14 billion dollars).
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