A total of 3.05 billion yuan (495 million U.S. dollars) has been allocated to finance the operation of state key scientific laboratories nationwide this year, the Ministry of Finance (MOF) said on Wednesday.

Of the total, 2.19 billion yuan will be used for the operation and research of the 259 laboratories, [Hong Kong Company Formation]with the remainder targeted for equipment purchases and upgrades.

This year's budget was 10.8 percent higher than the 2.75 billion yuan for the same project last year, MOF figures showed.

China started to earmark funds for state key scientific laboratories in 2007, and a combined total of 20.38 billion yuan has been allocated to the laboratories.