BEIJING, June 10 (Xinhua) -- China's Ministry of Finance said Friday that the central government has allocated a total of 10.3 billion yuan(1.58 billion U.S. dollars) this year to reward outstanding college students and provide aid to those with financial difficulties.

In breakdown, the government will use 400 million yuan to reward 50,000 top students in colleges, and 1.86 billion yuan to aid 660,000 students who excel in their studies but face financial difficulties, the ministry said in a statement on its website.

The remaining 8.05 billion will be spent on assistance to 4.44 million needy students, it said.

Combined with 6.5 billion yuan of scholarships and grants from local governments, the total expenditure will reach 16.8 billion yuan this year, said the ministry.

The ministry has urged local authorities and colleges to start careful reviews of scholarships and grant applications with preference to students in institutes and schools catering to the country's ethnic minorities, as well as those majoring in subjects demanded by the country, particularly with regard to agriculture, forestry and mining.