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.

According to the document, a number of universities and disciplines will work toward the world's top level by 2020. The number will further increase by 2030, with a significant increase in the overall education quality. By midcentury, the quantity and quality of China's top-class universities and disciplines should be among the front-runners in the world.

The State Council, urged improving the quality of university teaching staff and their research capabilities through optimized internal management and enhanced international cooperation. It also encouraged the cultivation of more innovators and the transformation of scientific achievements into industrial output.

The education authority will have five-year plans starting in 2016, which will receive special funds from central financial departments. A third party will monitor and assess the spending of funds and the performance of universities.

The State Council called on various government departments and enterprises to participate in the initiative.