BEIJING - China allocated 1.63 billion yuan (242.3 million U.S. dollars) of financial aid to encourage university students to join the army in 2016, according to the Ministry of Education (MOE) Sunday.

A total of 124,100 university students ranging from undergraduates, postgraduates to doctoral students received funding last year for enlistment in the armed forces, while 8,117 ex-servicemen were also subsidized with 44.6 million yuan of funding to pursue their higher education degrees.

China has formed a comprehensive education aid system to encourage more university students to join the army, and those veterans can also be financially supported if they are willing to go to college, the MOE said.

The annual subsidy for each undergraduate will not exceed 8,000 yuan, and the sum for masters or doctoral students can reach up to 12,000 per capita each year, said the MOE.

The students' university name roll will be maintained during the period of enlistment, and they can resume their study after leaving the army, according to the MOE.