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Wuhan to Build Fibre Optics Base
A top-rate national optoelectronic information industry base named Optics Valley of China (OVC) will be built within the next five years in Wuhan, capital of Central China's Hubei Province.
Optoelectronics is a relatively new type of information technology built around the development of fibre optics, an innovation which allows for the transfer of information using light waves rather than wires.
The creation of the base would greatly expand China's share in the global optoelectronics industry, said Zhou Ji, an academician with the Chinese Academy of Engineering.
According to the academy's rough estimation, the market volume of the global optoelectronics industry will amount to US$19.4 billion this year. Chinese firms will be responsible for US$1.7 billion, or 9 per cent, of that figure.
As a key component of the larger information technology industry, fibre optics are widely regarded as a high-potential technology.
Statistics indicate that the global optoelectronic industry has an impressive annual growth rate of 10 per cent, while in China the sector is growing even faster, swelling 20 per cent each year.
Zhou said the plan for the project in Wuhan was originally developed and put forward by a number of scientists and the Chinese People's Political Consultative Conference in March this year. Both the Hubei provincial authorities and Wuhan local government greeted the proposal with great enthusiasm.
Wuhan's leaders are planning to invest 1 billion yuan (US$120.5 million) this year in infrastructure improvement projects for the East Lake District, where the Optics Valley will be located. Other local officials have promised they will do their best to speed up the construction of the OVC.
Supporters claim the project will not only boost the local economy but also significantly elevate the region's industrial image. The local government expects to realize an annual sales income of 100 million yuan (US$12 million) within five years of the opening of the OVC.
The project's leaders say they have gathered sufficient funds for construction of the area. On August 6, financial conglomerate China Everbright Group signed an agreement with the OVC Construction Leading Team Office. China Everbright committed at least 2 billion yuan (US$240.1 million) to OVC enterprises and projects in the next five years.
A number of other industrial and financial giants have also demonstrated a willingness to invest in the Valley.
Some of them have decided to participate in the actual construction.
In addition to receiving private-sector funds, the OVC project has also been backed by the central government.
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