WLA foundation receives 1-billion-yuan donation

The World Laureates Association Development Foundation received its first donation, which came from a Chinese entrepreneur and a Shenzhen-based charity foundation initiated by him, on Thursday.

The 1-billion-yuan ($153 million) donation will be used to support basic science research, international scientific and technological cooperation and exchange as well as foster the growth of young scientists, according to the joint release from the two sides.

The WLA executive committee expressed its gratitude for the generous donation and said the funds "will have a great impact on the success of the WLA and on science in China" and "will not only attract more public attention to basic scientific research, but also serve as a model for the global support for science".

The entrepreneur Xu Hang, who is also the founder of Parkland Foundation, has insisted on improving social development by promoting technological progress and investing in areas such as artificial intelligence, chip technology, and new materials.

The donation from Xu and Parkland Foundation is the first step in the establishment of the World Laureates Association Development Foundation, and is also important for encouraging the business community to join the cause, according to the WLA.

"The World Laureates Association Development Foundation will support the WLA to carry out more valuable projects through professional management and operation, thus attracting more enterprises and individuals to devote themselves to science in various ways," said Wang Hou, secretary-general of the WLA.