Chinese Billionaire Donates 300 Million Yuan to Support Cyber Security Training

Feb 04, 2016 06:43 AM EST

A Chinese billionaire gives away 300 million yuan to support China's cyber security training

(Photo : Getty Images) A Chinese billionaire has donated 300 million yuan to the country to bolster its cyber security defense.

Philanthropist and chairman of Chow Tai Fook Enterprises Ltd. Henry Cheng on Tuesday donated 300 million yuan (US $45.6 million) to China Internet Development Foundation (CIDF) to back cyber security training.

The Hong Kong jeweller made the donation during a CIDF-hosted ceremony in Beijing. Cheng, who is also a National Committee of the Chinese People's Political Consultative Conference standing committee member, allocated the donation for education and training purposes.

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According to China's Cyberspace Administration deputy director Wang Xiujun, the donation will be used to reinforce the protection of networks, programs, computers and data from breach or unauthorized access. Wang further emphasized that maintaining cyber security needs professionals, and aid and investment are needed both from the government and private sectors.

Meanwhile, the Vice Minister of Education Lin Huiqing praised the initiative and further emphasized the need for support to enhance and stabilize cyber security across China.

The ceremony was graced by a number of state administrators, engineering university representatives and other renowned public figures.

Despite having approximately 700 million Internet users, China still lacks expertise in terms of cyber security. CAC official Zhao Zeliang revealed that every year, there are only about 8,000 students who graduate from courses related to cyber security. He further emphasized the need for educational institutions to upgrade and improve the quality of their courses.

Last month, reports surfaced that a new Chinese military outfit will lead China to strengthen cyber warfare, online espionage abilities and cyber security.

The growing prowess of China's cyber security is causing conflict between Beijing and the United States. Officials in Washington have repeatedly accused China of state-sponsored attacks and breach data on US government agencies and companies.