China’s optoelectronic information industry is expected to have an annual revenue of more than 100 billion yuan, according to a report by Wuhan Optics Valley.

Wuhan Optics Valley was established in 2001 and now has become one of the world’s most famous optoelectronic hubs in China, a county which accounts for 8 percent of the global market.

The valley has ranked first in the world for fiber production, with a global market share of 25 percent and 55 percent of the domestic market, according to an official at Wuhan East Lake Hi-Tech Development Zone.

Despite the outstanding achievements on the optoelectronic industry, relying on one company comes with risks.

Other emerging industries have been introduced to the Optics Valley, including biological medicine, new energy resource and environmental protection.

The local government is accelerating the process of diversifying its industrial structure. More than 20 of the top 500 companies in the world have set their branches in the valley.

To encourage their innovative talents, more companies in the valley should be listed on the growth enterprise market board, which can reward their talents by allocating them initial public offerings, said Gu Shengyang, vice chairman of the China National Democratic Construction Association.

There are 27 listed companies at the Optics Valley, accounting for one-third of all listed company in Hubei province. While that number seems large, it is still far behind Beijing’s Zhongguancun, China’s Silicon Valley, which has 154 companies listed in the domestic and foreign stock markets.

Under the guide of “3351 Program”, a program designed to attract high-level talents, 177 senior professionals have settled in Wuhan.

Zeng Xianzhang, a member of the Chinese American non-partisan Committee of 100, suggested Wuhan invest 1 billion yuan ($151 million) to establish an innovative fund for talents.

“China needs to fulfill a big leap on the independent innovation if the country wants to realize the conversion from ‘Made in China’ to ‘Created in China’,” Zeng said.