China plans to build a series of world-class universities and disciplines in as little as five years, according to a document released on Thursday by the State Council, China's Cabinet. It vowed to increase financial support and strengthen performance management.

The new policy is expected to tackle problems such as redundant construction and lack of competition that were brought about by the current "985" and "211" higher education programs.

The "211" project, launched in 1993, aims to build 100 universities for the 21st century. Project "985" was named when then-president Jiang Zemin gave a speech in May 1998, and called for China to build a number of key universities in China.