The founding ceremony for the Shanxi University Education Development Foundation takes place on May 7. [Photo/sxu.edu.cn]

Shanxi University started an education development foundation on May 7 to help it develop into a world-class university with high-quality disciplines.

During the founding ceremony, the university signed a five-year cooperation agreement worth 50 million yuan ($7.34 million) with the Shanxi branch of China Construction Bank. Tahoe Group, a listed company engaged in real estate and finance, donated 8 million yuan to the university.

The Shanxi Academy of Safety Science and Technology, a long-term partner of Shanxi University, offered 300,000 yuan to support the training of professionals engaged in special types of work such as mine drainage and electrical work.

Meng Xinli, chairman of Shanxi Shangfeng Technology Co and alumnus of the university, donated 1.5 million yuan, while Zhang Fengpeng, another alumnus and chairman of Shanxi Shuangjin Industry and Trade Co, contributed 200,000 yuan.

University officials presented certificates to donors in honor of their contributions to the university.

A forum themed around negotiations, sharing, and winning was held after the founding ceremony. During the forum, alumni representatives offered suggestions for the university's future development.