Based in Hong Kong, the World Laureates Association was previously named the Global Nobel Prize Scientists Association. It was founded in 2017 by Kornberg and six other Nobel Prize winners, including Michael Levitt and Ada Yonath, Nobel laureates in chemistry in 2013 and 2009 respectively.

Yan Xubing, deputy secretary general of the association, explained that the name change was to create a more inclusive organization that included more scientists around the world.

"We want the Dishui Lake Forum to connect the world's leading scientists with universities and research institutes in China to help young Chinese scientists grow," Yan said.

"China still lacks behind in the biopharmaceutical field, and the value of the forum lies in bringing world-class scientists and their frontier research to the Chinese market, and hopefully, in the process, achieve some breakthroughs in cooperation with Chinese scientists," he added.

The forum, which would be held beside Dishui Lake in the Lingang port area in the city's Pudong district, will be an annual gathering co-organized by the scientists' association, the Lingang area's administration committee, and the State-owned Lingang Group, which develops and operates more than a dozen industrial parks in Shanghai.

Gu Changshi, chief industrial development planner of Lingang administration committee, said the forum will serve as a platform where scientists can find commercial partners to incubate their researches to products.

"We hope to invite more global scientists to come and drive Shanghai's innovative capability, and boost the application of basic research through market mechanism," he said.