HANGZHOU, China, July 5 (Xinhua) -- Cai Yong, Chinese Football Association executive, praised the national team from the Women's World Cup in France, promising to set up a fund for the one billion RMB sponsorship from Alipay.

Cai said CFA fully recoganized the efforts and results of last 16 at the France Women's World Cup from the national team, saying "they showed the world their fighting spirit, team football and execution".

Alipay signed a 10-year project with the women's national team on Friday, guaranteeing one billion RMB for the development of women football in China.

CFA and Alipay will set up a women's football fund to supervise the money, Cai said, and the CFA promised to raise the salaries of the female footballers as well as improve the training facilities and conditions.

The project will also focus on the grassroot football, youth training, competitions and earnings of women's football in China, Cai added.

Jing Xiandong, chairman and CEO of the Ant Financial Services Group said "Alipay has been concerned with the development of China's women's football team. The resilience showed by these 'Steel Roses' did inspire a generation. Jack Ma also agreed with this, therefore we came up with this plan."

For the plan itself, Jing said they did this not for business concerns but for the longterm good of China's women football. Alipay will have regular reviews for the sake of transparency and manage progress.

Captain Wu Haiyan of the national team expressed her gratitude to CFA and Alipay on behalf of the whole team. She said the plan will encourage more people to take part in the sport.