China Aerospace Science and Industry (CASIC) announced on Sunday the establishment of a scholarship worth 5 million yuan (about 714,280 U.S. dollars) for aerospace research in five prestigious domestic universities.

The five universities are Tsinghua University, Harbin Institute of Technology, Beihang University, Beijing Institute of Technology and Northwestern Polytechnical University.

The scholarship will be open to both undergraduate and postgraduate applicants. Winners will be offered payment ranging from 5,000 to 10,000 yuan per person.

Xu Dazhe, general manager of CASIC, said the company would this year employ more than 2,000 fresh graduates to help reduce unemployment despite a shrinking market demand amid the global financial crisis.

CASIC is a centrally administered state-owned enterprise which is engaged in the research and development of missile systems, launch vehicles and other aerospace products.