The development of world-class universities is high on the policy agenda of governments across the globe. China's 985 Project is among the earliest national initiatives to concentrate research funding to build world-class universities. Ten years after it was initiated, the project has enabled selected institutions to improve their research and competitiveness and narrow the gap between them and their counterpart institutions in the world. This article compares the 985 Project with the national initiatives adopted in Japan and Germany to seek policy implications for the further implementation of the project in terms of its goals and policy context, organization and management, and financial support. (Contains 8 notes.)