Fang Hongbo, chairman and president of Midea Group, announces the establishment of a science foundation during the Greater Bay Area Science Forum in Guangzhou, Guangdong province, on Sunday. [Provided to chinadaily.com.cn]

The establishment of a foundation on scientific research was announced during the Greater Bay Area Science Forum in Guangzhou, Guangdong province, on Sunday.

The foundation, begun with 3 billion yuan ($430 million) donated by He Xiangjian, founder of Chinese home appliances manufacturer Midea Group, aims to reward outstanding scientists who have made breakthrough contributions to research and development.

"The foundation will cover major scientific fields including information and artificial intelligence, medical and health, energy and climate," said Fang Hongbo, chairman of the foundation.

The foundation will also promote a program on science funding with an annual awarding plan soon to be launched, according to Fang, who also serves as chairman and president of Midea.