Chinese billionaire He Xiangjian, founder of home appliances giant Midea, creates US$428 million science fund focused on AI and climate research
- He Xiangjan said his fund ‘will help more scientists focus on their work and attract more youngsters to take part in technological advancement’
- The large science-focused endowment from the Midea founder underscores the increased effort by the country’s private sector to support basic research
“Setting up the science fund will help more scientists focus on their work and attract more youngsters to take part in technological advancement and innovation in the country,” said He, who indicated that this initiative was both his duty and responsibility.
He called on the country’s younger generation to help shore up local scientific research, adding that “technology development is pivotal to a powerful nation and booming economy”, according to a report by state-backed financial newspaper Securities Times.
Diverse funding sources, international collaboration and talent training are crucial to achieve that goal, Xi said.
China plans to set up regional AI ‘highlands’ and related tech platforms
Fang said the fund will launch an annual award to recognise outstanding scientific research and a grant scheme to support such research.
He – with a personal net worth of US$23.7 billion as of May 22, according to the Bloomberg Billionaires Index – founded in 2013 and serves as honorary chairman of the He Foundation, a 6 billion yuan charity programme focused on community development, caregiving for the elderly and revitalising less-developed areas on the mainland.