Ningbo is officially approved by the State Council to construct a national inclusive finance demonstration zone in the city. [Photo/cnnb.com.cn]

Ningbo, Zhejiang province has officially been approved by the State Council to construct a national inclusive finance demonstration zone in the city, according to local media reports.

The People's Bank of China, the National Development and Reform Commission, the Ministry of Finance, and another five ministries and commissions unveiled plans to carry out inclusive finance reform in the pilot zone on Dec 19.

Ningbo will make use of digital technology to improve financial services and institute a more inclusive financial system, so as to better promote the development of the manufacturing industry and the economy as a whole.

In 2015, Ningbo spearheaded the establishment of a comprehensive demonstration zone for inclusive finance.

In 2018, the city's inclusive finance development index reached 124.9, an increase of nearly 25 percent over 2015, an official report revealed.

In May last year, the city submitted the plan to establish the pilot zone for the national reform of inclusive finance.

According to the plan, within three years, the city will achieve full coverage of inclusive financial services, including financing and digital payments across the city.

More efforts will be made to ease financing problems facing eligible small and micro businesses and promote mobile payment in counties and rural areas.

Local authorities will also leverage digital technologies to prevent and control financial risks and establish digital platforms to promote financial knowledge among the public.