[Photo/wehdz.gov.cn]

A five billion yuan ($713 million) equity fund to fight the novel coronavirus was set at the East Lake High-tech Development Zone -- also known as Optics Valley of China -- in Wuhan, capital of Central China's Hubei province and epicenter of the COVID-19 outbreak in China, officials said.

They said it is the first anti-epidemic fund for enterprises set up in Hubei and there's one billion yuan of the initial fund.

According to an official statement on Optics Valley's website, Optics Valley Financial Holding Group established the fund through comprehensive strategic cooperation with the Bank of China and Hubei High-tech Industry Investment Group Co Ltd.

Officials said the huge fund will mainly focus on gathering platform resources, industrial resources and business resources, giving full play to the advantages of investment and loan linkages.

It will serve and support Hubei enterprises, especially Optics Valley's resident companies affected by the epidemic, through comprehensive financial means.

It will help the regional economy recover smooth operations as soon as possible and promote long-term industrial development.