He Xiangjian (He Xiangjian)

He Xiangjian (He Xiangjian)

Biography

2023: Creation of a $428 million science fund for AI projects

On May 21, 2023, Chinese billionaire He Xiangjian, founder and largest shareholder of home appliance manufacturer Midea Group, announced the creation of a scientific fund to develop projects in the field of artificial intelligence and ecology. The financial support of the new structure at the initial stage is 3 billion yuan (approximately $425.8 million at the exchange rate as of May 23, 2023).

It is noted that the formation of the fund indicates an intensification of the efforts of the Chinese private sector to support fundamental research against the background of an aggravated technological confrontation between the PRC and the United States. At the beginning of 2023, Xi Jinping, Secretary General of the Central Committee of the Communist Party of China and Chairman of the PRC, announced that fundamental research is the only way to make the country a world scientific and technological power. According to him, a variety of sources of funding, international cooperation and training of qualified specialists are crucial to achieve this goal.

He Xiangjian, whose personal fortune is estimated at $23.7 billion (as of May 22, 2023), said that the creation of a new science foundation will help more scientists focus on their work and attract young people to participate in technological progress and innovation in China.

The fund intends to invest in areas such as AI, health care, climate solutions and expanding the use of renewable energy. The organization plans to use the grant scheme to support research in these areas. Scientists who have achieved a breakthrough in the implementation of promising projects will receive awards. According to He Xiangjiang, technology development "is critical to China's powerful nation and booming economy ."^[1]

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