Ningbo recently unveiled measures to bolster innovation and entrepreneurship in the city. [Photo/cnnb.com.cn]

Ningbo, a coastal city in Zhejiang province, recently unveiled 26 measures intended to bolster innovation and entrepreneurship in the city.

By 2022, the city hopes to increase the added value of its core digital economy industries to more than 120 billion yuan ($17.9 billion), the document said.

In recent years, Ningbo has been making strong progress in boosting entrepreneurship in the city.

Official data shows that Ningbo now is home to more than 300 maker spaces.

The city leads the nation in streamlining administrative approval procedures for business registration and easing financial burdens facing small and micro-sized enterprises.

Local authorities have slashed 86.6 billion yuan worth of taxes and fees on the city’s small and micro-sized enterprises in the past three years – saving more than 240,000 yuan in taxes per company.

By 2022, the city aims to foster 10 provincial-level demonstration bases for innovation and entrepreneurship and 15,000 innovative start-ups.

By that time, it also aims to have more than 4,000 patents and a technology trade value of 15 billion yuan.

The Ministry of Finance recently designated Ningbo as a national demonstration city for entrepreneurship and innovation.