A man wrongfully jailed for 23 years on murder and arson charges was granted more than 2.75 million yuan ($421,850) in compensation from the State on Friday, according to the High People's Court of Hainan Province.

Chen Man, now 53, was released in February due to insufficient evidence by the High People's Court of Zhejiang Province after a series of appeals going as far as the Supreme People's Court.

Chen had served the longest jail term for a wrongful conviction known in China, and also has received the greatest amount of State compensation for wrongful conviction so far, Wang Wanqiong, Chen's attorney, told the Global Times.

The 2.75 million yuan compensation contains more than 1.85 million yuan for loss of personal freedom and 900,000 yuan for psychological trauma, the High People's Court of Hainan Province said on its official Weibo account.

Wang said that she and Chen accepted the amount though they were still unsatisfied. Chen initially demanded 9.66 million yuan in compensation after he was released.

"Chen and his family have no time to continue the struggle for compensation considering that Chen has lost two decades of his life and his parents are getting older," Wang said.

Chen was arrested in 1992 and sentenced to death with a two year reprieve, in effect a life sentence, in November 1994 for "killing a man and setting his house on fire to cover up the crime" at Haikou Intermediate People's Court.

The local procuratorate deemed the sentence "too light" and called for Chen to be executed. The request was rejected by Hainan High People's Court in 1999, beginning Chen's 16-year appeal ordeal, the Xinhua News Agency reported.

Wang said that the 2.75 million yuan in compensation failed to include the money for loss of work and also the legal costs of appeals, as Chen demanded.

"The legal cost for appeals is not listed in the State Compensation Law, so the court could not support Chen although Chen's family spent a lot of money on the numerous appeals," Wang said.

Compensation for loss of work, according to the law, only applies to those who are injured while imprisoned and lose work ability, Wang said.

Wang suggested that the State Compensation Law include more detailed clauses, so the future victims of wrongful conviction could get more reasonable compensation.

Chen is one in a string of high-profile exonerations.

Nian Bin, who was sentenced to death for four times and spent eight years behind bars for murder, received 1.14 million yuan in compensation in 2015.