Project 985 (Chinese: 985工程; pinyin: 985 Gōngchéng) was a terminated project that was first announced by General Secretary of the Chinese Communist Party Jiang Zemin at the 100th anniversary of Peking University on May 4, 1998, to promote the development and reputation of the Chinese higher education system by founding world-class universities in the 21st century. The name derives from the date of the announcement, May 1998, or 98/5 according to the Chinese date format. The project involves both national and local governments allocating large amounts of funding to certain universities in order to build new research centers, improve facilities, hold international conferences, attract world-renowned faculty and visiting scholars, and help Chinese faculty attend conferences abroad.