(Yicai Global) Sept. 15 -- Wuhan East Lake High-Tech Development Zone, known as Optics Valley of China which is located in central China's Hubei Province, will set up an industry development fund of CNY50 billion (USD7.6 billion) in line with the new policy on development of private economy introduced by the provincial government, and attract social capital to participate in new pattern industry.

The fund will provide financial support to high and new technology enterprises inside the zone to expand industrial scale and implement acquisition and reorganization, while attracting social capital. It will expand the scale of the fund to USD38.2 billion, and create a whole industrial chain ecological system of private economy, said state-run Xinhua News Agency today.

The Optics Valley of China will arrange a special financial fund no less than USD458.4 million every year to encourage various innovative talents to settle down, and implement technical results commercialization. The subsidy for single project can reach USD152.8 million maximum.

The new policy will encourage private capital to enter various public service fields such as finance, traffic, infrastructure, culture and education, medical health and sports services.

The Optics Valley of China was approved by the State Council and built in 1991, and now it has become the largest optoelectronics information industry research and development base in China, covering fields of optical fiber and cable, photoelectric device and laser industry. The only national laboratory of photoelectron is also established here.