East Lake High-tech Development Zone (Optics Valley of China) in Wuhan, the capital of Central China's Hubei province, has recently announced 10 policies to encourage and advance high-tech companies' development.

According to the newly-released policies, companies selected into the provincial high-tech enterprise cultivation library for the first time – or recognized as "little giant" technology enterprises – will receive an award of 20,000 yuan ($3,094) from the zone.

The term little giant refers to outstanding small and medium-sized high-tech enterprises – or SMEs – with strong growth potential, advanced technology and a competitive edge on the market.

Enterprises that secure intellectual property rights will be rewarded, and those receiving IP rights for the first time receive a larger subsidy.

For companies above the designated size that passed the recognition process for high-tech enterprises for the first time, Optics Valley will give a one-time award of 200,000 yuan. These firms will also receive a city-level financial reward of 200,000 yuan.

For those re-recognized as high-tech enterprises, the city and the zone will give a one-time reward of 50,000 yuan, respectively.

For high-tech companies who develop from small and micro-sized industrial enterprises to above the designated size, the zone will give a reward of 100,000 yuan. For those that become Optics Valley's "gazelle enterprises" – or high-growth companies, the area will also provide a prize of 100,000 yuan.

For high-tech companies that are recognized as national-level specialized little giant enterprises for the first time, Optics Valley will give a reward of 500,000 yuan. For those becoming new "unicorn" companies, the zone will provide a bonus of 5 million yuan.

In addition to various rewards, Optics Valley also improves its services to high-tech companies to offer a better business environment.