Optics Valley of China in Wuhan, Hubei province, holds a conference on Feb 27 to announce new foreign investment policies. [Photo provided to China Daily]

East Lake High-tech Development Zone (Optics Valley of China) in Wuhan, Central China's Hubei province, held a conference on Feb 27, to announce 10 new foreign investment policies for the area.

Representatives from foreign companies, as well as firms based in Hong Kong, Macao, and Taiwan, and several financial institutes attended the conference.

The policies were jointly developed by the zone and China (Hubei) Pilot Free Trade Zone Wuhan Area, with the aim of drumming up more foreign investment.

The policies cover areas including fixed asset investment, loans, and awards to highly-skilled professionals.

According to the policies, foreign companies investing in Optics Valley may receive grants of up to 35 million yuan ($5.23 million).

In addition, firms that set up their regional headquarters there will be given a one-time grant of 1 million yuan; and companies in the finance, healthcare, and education sectors that invest in Wuhan free trade zone for the first time will also be given 1 million yuan.

For firms setting up research centers in the free trade zone, Optics Valley will subsidize 10 percent of their R&D expenses each year, up to 2 million yuan.

And funds have been set aside to support highly-skilled foreigners coming to live and work in Optics Valley, with the zone able to offer support with housing, visa applications, and living costs –– limited to 100,000 yuan for each person per year.

Chen Ping, deputy executive director of the zone's administrative committee, said that a total of 804 overseas firms have invested in the zone, including 93 Fortune 500 companies.

The zone will continue to provide a high-quality business environment meeting international standards, along with convenient services and preferential policies, added Chen.