Optics Valley of China and Its Social Security Issue

Abstract

Rapid development by innovative enterprises is the goal of Optics Valley of China. Currently 1,951 hi-tech companies have started operations in the valley. The anchor industries include optoelectronic information, bioengineering and medicine, environmental protection and energy saving, high-end equipment manufacturing and hi-tech services. Since 2000, the average annual economic growth rate of Optics Valley has been nearly 30%. Optics Valley continues to upgrade the development of an open economy and to attract international well-known companies with the advantage of location, policy, industry and environment. A strategic agreement between Optics Valley of China and Silicon Valley of the United States was signed in February 2012. Economic development and people’s livelihood are always the priorities in China. Toward that end, Optics Valley has adopted a framework of requirements specifying the social security responsibility of the foreign-funded enterprises in the valley as a step to accelerate the formation of a social security system. This article analyses the status of industry development, the region’s investment environment and the regulations governing social security in Optics Valley. The intent is to help foreign entrepreneurs interested in establishing an operation in Optics Valley.