Billionaire Chen creates biggest education prize

Tencent Holdings co-founder wants to give rewards to leading educators

After helping make Tencent Holdings one of the top internet companies in China, Chen Yidan, one of the founders of the Shenzhen-based web giant, has begun a new journey to create and develop the biggest education prize in the world.

In May the billionaire established his Yidan Prize, with a total of HK$60 million ($7.6 million), to award outstanding individuals including teachers or groups of people who work in the field of education.

Funded through a HK$2.5 billion personal trust, the money will give these individuals the opportunity to fund their projects.

Chen said the prize money will be used to help solve some of the biggest challenges currently facing the world of education.

Recently, the 45-year-old talked to the Chinese edition of Financial Times about his thoughts on charity, views on the Chinese education system and the Yidan Prize.

The following are the translated and edited excerpts of the interview.

With your personal experience of China's education system, (a bachelor in applied chemistry from Shenzhen University and master in economic law from Nanjing University), do you have expectations about the education system and reforms by setting up the prize?

Both my father and I graduated from public universities. Over the past 30 years, China's education system grew from a weak foundation into something that can meet the public's educational demand and achieve fruitful results in multiple levels. That is a great contribution.

However, there are various challenges. The current education system is established based on the needs of the Second Industrial Revolution. How do we meet individuals' personalized educational demands when entering the information era? How do we integrate new technology into education? These are the questions faced by every country. The successful experiences gained from the Yidan Prize can ignite dialogue around education so that people can learn from each other.

Ordinary Chinese face basic key issues in education, such as competition for higher education, school district housing and school food safety. The vision of the Yidan Prize seems a bit beyond their everyday lives. If someone asked you why you don't help Chinese people solve specific challenges they face in education, how would you respond to that?

Parents' love for their kids is unconditional and education is an integral part of a child's life. But apart from fighting for better education resources, we also need to take action to build it (the sector) up. For individuals, what he or she faces is everything for them. Each individual should do what he or she can do.

But the philosophy to tackle such challenges can be used around the world. So the good cases in education, the achievements that can benefit mankind, really need to be rewarded by such a prize. In my view, educational philosophy belongs to all mankind. Setting up Yidan prize could be the best way to promote good educational philosophy.

Will you consider following Bill Gates, Warren Buffett and Mark Zuckerberg to make a public commitment, giving away certain portions of your personal wealth to charity?

Philanthropy in the United States enjoys a long history and is deeply-rooted in its culture. The US tax law also encourages the development of philanthropy. Their behaviors and contributions deserve our respect. While in China, the development of philanthropy has only taken off in the past ten-years or so.

This year China has approved the charity law, marking a huge step forward. Everyone will have a different role to play and a different choice to make in terms of charity. The most important thing is to work together to promote the development of philanthropy on the common ground of national legislation.

mengjing@chinadaily.com.cn