The government of Zhejiang province has approved an implementation plan for Hangzhou and Jiaxing, two cities in the province, to build themselves into pilot zones of financial reforms to better support sci-tech innovation. The Hangzhou Central Sub-branch of the People's Bank of China, the country's central bank, made the announcement.

Carrying out the plan will help accumulate experience for the nationwide development of financial services compatible with sci-tech innovation, promote technological innovation and build a modern financial system, the sub-branch said.

In November, the PBOC released the overall plan for the establishment of financial reform pilot zones in six cities including Shanghai, Nanjing, Hangzhou, Hefei and Jiaxing with seven other departments.

Since then, the Hangzhou sub-branch has made efforts on multiple fronts to beef up financial support for sci-tech innovation, including formulating the criteria for identifying sci-tech enterprises that are more inclusive, promoting financial products specially made for sci-tech innovation and boosting the ability of regional equity markets to serve sci-tech enterprises.