The Chinese government has announced the establishment of a $300m cyber security fund for developing new cybersecurity technologies.
This follows a series of recent cyber attacks that have targeted state-owned enterprises in recent months.
Chinese officials said the funds would be used to support cyber security research and development.
Chinese President Xi Jinping said at a meeting of the Communist Party of China in November that China’s cyber security was among the nation’s top priorities.
“The security of the nation and the security of all its citizens are very important for China,” Xi said at the time.
“And we have to improve our cyber security and defend our country and our people.”
Xi’s announcement on the Cybersecurity Fund follows a string of attacks against state-run enterprises in China.
Last month, hackers attacked the state-controlled oil and gas giant Sinopec, which is controlled by the Chinese government.
The attackers then used a worm that infected the Sinopex servers, and stole more than 1.5 billion yuan ($3.1 billion) worth of oil and natural gas, according to the Associated Press.
Earlier this month, hackers stole about $600 million worth of state-sponsored credit cards from banks, according the New York Times.
China has been cracking down on cyber attacks in recent years, as the country seeks to secure its borders, counter cyber attacks and curb the flow of money from China to rogue nations and terrorists.
In 2016, a hacker group called the WannaCry worm infected nearly 3 million computers, according CNN.
After a cyber attack in May, the United States imposed new sanctions on a Chinese state-affiliated cyber group called XK-Labs that was responsible for the attack.
China also has taken steps to bolster its own cyber security capabilities in recent weeks.
President Xi Jinping, right, shakes hands with Chinese President Xi Jingping during a summit at the Great Hall of the People on March 11, 2017 in Beijing, China.
(Photo: AFP/Getty Images)The U.S. government imposed sanctions on XK Labs on May 11, a move that China called an act of “unprecedented aggression.”
Treasury Department said the sanctions “will impose a significant cost on the Chinese economy and damage the country’s reputation.”
The sanctions targeted a Chinese-backed group called “Yunnan Cyber Defense Foundation” that allegedly provided cyber security technology to foreign entities and was allegedly responsible for cyber attacks against U.K. government and financial institutions in 2016, according to the Treasury Department.