A painting of a vineyard appears on the wall of a house in Shaojiaqiu village of Yuyao. [Photo provided to China Daily]

Zhu Hanmin, vice-chairman of the International Confucian Association, pointed out that China's commitment to building a community with a shared future for mankind to confront challenges, such as political, economic and military issues, is rooted in its traditional culture, especially Wang's belief that all things in the universe were originally one.

"His thought is practical and reveals a humanistic spirit similar to 'a community with a shared future for mankind'," said Zhu.

Chen Zhiping, president of the Chinese Society on Ming Dynasty History, also insisted that Wang's philosophy is still inspiring in modern times.

"Wang claimed that social governance is based on changing people's thoughts. We can take a page from it when building a community with a shared future for mankind."

Volunteers teach a resident (left) how to access the "Moral Bank" on her phone in Yuyao, Zhejiang province. [Photo provided to China Daily]

In recent years, Yuyao, Wang's birthplace, has been utilizing his thoughts in the city's development by promoting the "Moral Bank "program.

Under the program, moral behaviors of residents are quantified into "moral points". In addition to self-evaluation, different departments, including public security, tax, market regulation and the local banks, and big data technologies, are all involved in the evaluation procedures.

Residents can earn points through activities, such as volunteer services. Those who get the required amount of "moral points" are allowed to get loans at cheaper rates of interest at the Yuyao Rural Commercial Bank. They can also redeem over 300 services, including free parking and discounts on haircuts, with "moral points".

Bank clerks help a resident apply for a loan with his "moral credit" at the Yuyao Rural Commercial Bank. [Photo provided to China Daily]

Due to undeveloped infrastructure and disputes between villagers, Shaojiaqiu village in Yuyao was known as a "village of difficulties".

But things have changed since 2012, when the "Moral Bank" was launched in the village and locals were encouraged to start their own businesses and earn "moral points "to get loans.

The bank has offered unsecured loans for 120 households in the village. And villagers have donated more than 10 million yuan ($1.4 million) to infrastructure construction and charitable activities in recent years.

Yu Yin in Ningbo contributed to this story.