An education fund set up by the Shanghai Baoshan Steel Group (Baogang) has distributed 26 million yuan (3.13 million US dollars) in awards to outstanding college students and teachers over the past decade.

At a recent celebration for the fund's 10th anniversary, Lu Yongxiang, president of the Chinese Academy of Sciences (CAS), noted that "the fund has done a good deed in spurring the support between enterprises and schools."

The Ministry of Education presented a special plaque for the fund.

The 35-million-yuan Baogang education fund provides financial assistance for both teachers and students in 48 institutions of higher learning nationwide and research institutes and schools under the CAS.

The fund has earned a high reputation in China's leading universities including Beijing University and Qinghua University. More than 6,600 outstanding teachers and students in varying majors, such as art, law and business, have benefited from the monetary awards.

In return, Baogang Group has received assistance in terms of scientific and technological development and consultancy from the colleges and research institutes, company officials said.

The total amount of the fund will be raised slightly as of next year, they said. (Xinhua)