Beijing, Jul 25 (IANS): The Chinese city of Sansha has decided to allocate five million yuan (about $748,000) annually for maritime environmental conservation for the next three years.

The first round of special environmental funding worth one million yuan ($150,000) was earmarked on Saturday for the exploration of the newly confirmed world's deepest underwater sinkhole (300.89 metres), or blue hole -- a major coral reef in the Xisha Islands, Xinhua news agency reported.

The funds will be used to support scientific research and development of new methods and equipments in environmental protection, said a senior official of the land resources and environmental protection bureau.

Over the past four years, Sansha city has invested more than 30 million yuan (about $4,500,000) in treatment and restoration of reefs and islets.

Sansha City was officially established in 2012 to administer the Xisha, Zhongsha and Nansha island groups and their surrounding waters in the South China Sea.