The financial statements of five Chinese universities exceeded 10 billion yuan ($1.5 billion) in 2016, including Tsinghua University, Zhejiang University, Peking University, Shanghai Jiao Tong University, and Fudan University, Beijing Youth Daily reported on Aug. 10.

A total of 75 universities directly under the educational administration of China’s Ministry of Education on Wednesday published their annual financial reports for the fiscal year of 2016. Tsinghua ranked first, with an endowment of over 21.8 billion yuan in fiscal 2016, the only university in China with more than 20 billion yuan.

Tsinghua expenditures reached 13.7 billion yuan last year, making it the top-spending university in China. Expenditures for more than half of the 75 universities was kept under 3 billion yuan.

Tsinghua also set a new record for alumni giving with 2.5 billion yuan in donations.

Sixty of the universities experienced growth in terms of expenditures and alumni giving. In addition, the budgets of Peking University, Beijing University of Chemical Technology, China Central Academy of Fine Arts, and Beijing Forestry University increased by more than 15 percent.