The China Education Development Foundation was established in Beijing on Thursday and received 200 million yuan (around 24 million U.S. dollars) in donations.

The founding ceremony, at the Great Hall of the People, was attended by State Councilor Chen Zhili and Minister of Education Zhou Ji.

"The responsibility of meeting people's growing demand for education rests on the government as well as the whole of society, " Chen said, encouraging the public, especially rich residents and overseas Chinese, to fund poor students' education.

She said the government, as the major fund provider for education, should increase its educational budget, especially for children from poor families, but it is also important to draw social funds for developing education.

The foundation, approved by the State Council as a national public funding organization, is jointly sponsored by the Ministry of Education and Ministry of Finance.

It aims to regularly hold nationwide activities such as aiding poor students, assisting teachers and improving school facilities in order to promote the healthy development of education in China.

Chen demanded the funds should be put in good hands and should keep rising every year. "All the money should be used on the students and education development," she said.

Source: Xinhua