In January, 1983, Mr. Bao Yugang donated a fund of 1 million dollars, named after his father, and established the "Bao Zhaolong Scholarship for Foreign Students in China". In the same year, Bao Zhaolong's China Scholarship Management Committee was established, with Mr. Chai Shufan, then deputy director of the State Planning Commission and chairman of China Shipping Corporation, as the director of the management Committee, and the former Ministry of Education was responsible for the specific selection.

In October p>1985, Mr. Bao Yugang visited Zhejiang University and decided to donate another US$ 1 million. The scholarship was renamed "Bao Zhaolong Bao Yugang China Scholarship" and handed over to Zhejiang University for management. Under the "Bao Zhaolong Bao Yugang China Scholarship Management Committee", the "Bao Foundation Council" with the president of Zhejiang University as the chairman was established to be responsible for the selection and management of overseas students. Scholarships are mainly used for universities in Zhejiang University and Zhejiang Province.