The Tang Prize was founded by Taiwanese business tycoon Samuel Yin, the head of the Ruentex Financial Group, in December 2012. It seeks to honor those who have made an impact and contribution to humankind in the areas of sustainable development, biopharmaceutical science, sinology, and the rule of law.
Yin chose to focus on disciplines that he believes are crucial in the 21st century but are not covered by the Nobel Prize. Take sinology as an example. The prize was set up to introduce Chinese culture, though literary works are not included, and to promote the spiritual awareness of humanity.
This year’s winner for sinology is William Theodore de Barry, an American scholar who was recognized for his pioneering research on Confucianism. De Barry has argued that Confucianism is a cultural asset in East Asia, rather than a barrier to civilization.
The Tang Prize was named after the Tang dynasty (618-907 CE), considered a golden era in Chinese civilization that serves as an example of East meeting West and a time when China’s political and economic achievements reached a peak.
The Tang Prize Foundation has entrusted Academia Sinica, Taiwan’s top research body, to select and award the winners. The prize is global in reach as winners are chosen regardless of nationality or ethnicity.
The Tang Prize, awarded twice since 2014, carries one of the largest financial rewards in the world. In addition to a cash award of NT$40 million (US$1.25 million) for each prize, there is also a research stipend of NT$10 million (US$310,000).