Funds totalling 23.8 billion yuan (about 3.9 billion U.S. dollars) are set to finance science projects in China this year, the National Natural Science Foundation announced Tuesday.

About 71 percent of the funds will be covered by the central government, according to the foundation, which has received over 158,000 applications for funding so far this year.

Yang Wei, president of the foundation, said more than 70 percent of the funds will be channeled into projects involving intensive disciplines and will contribute to innovation-driven economic development.

The foundation will lend its full support to the growth of innovative talent, and it seeks to improve the status of science in China through expanded cooperation with the rest of the world, according to Yang.

The foundation said it will promote research integrity in the country by completing amended regulations to punish misconduct and creating a database for cases of violations of research ethics.

In 2012, the foundation processed more than 177,000 applications. Of the total, 38,411 items were eligible for a portion of funds totalling 23.7 billion yuan. (Xinhua)