Central China's Hunan province will raise 220 million yuan (about 26.5 million US dollars) this year, helping students meet China's education requirement, said a provincial official Tuesday.

The money will ensure that the 700,000 students from poverty-stricken families can receive their compulsory nine years of schooling, said the provincial schooling donation center.

The official also said that if the money can be raised in time,the province will reach its target of providing compulsory education for all students, two years ahead of the schedule.

Statistics from the provincial government show that the provincial government will raise 73.3 million yuan, city and county governments will raise 56.4 million yuan. The rest will be made up by non-government channels.

According to different poverty degrees, the money raised will be used to pay the schooling or the boarding fees for those in need, said the official.