The WLA Prize by the World Laureates Association was launched in Shanghai on Monday to award scientists from around the world for their outstanding contributions to their industries.
Unveiled at the opening ceremony of the 4th World Laureates Forum held in the city, the prize focuses on two fields: mathematics and intelligent science, as well as medicine and life science.
Starting from 2022, the winners of each field will be awarded 10 million yuan ($1.56 million) annually.
The WLA will set up committees for prize management, selection and review.
Roger Kornberg, WLA chairman and a Nobel Prize laureate in chemistry in 2006, said the prize will support original basic research and encourage scientists to strive to achieve more for the common good of mankind.
Sequoia Capital China, an investment firm and a partner of the WLF, has pledged to donate 500 million yuan to the prize purse.
Neil Shen, steward of Sequoia Capital and founding and managing partner of Sequoia China, who is also a member the Shanghai WLA development foundation council, said the company regards the support for the prize as "a permanent public welfare investment in human science and technology".
The 4th WLF brought together 131 top science award winners across the world, including 68 Nobel Prize winners, academicians of the Chinese Academy of Sciences, and 132 young scientists. The event is co-organized by the WLA and the China Association for Science and Technology.
The forum also witnessed the announcement of the "Open Science: Building an Open Innovation Ecosystem" initiative to the world.
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