The Chinese government will donate US$1.5 million to the Academy of Sciences for the Developing World (TWAS), in a move to create a closer partnership with the international science institution as the world currently still lacks a remedy for its economic malaise.

Chinese President Hu Jintao announced the donation in his speech at the opening ceremony of the TWAS's 23rd General Meeting on Tuesday.

"It is really a big contribution," said Jacob Palis, current TWAS president, "In fact, China will be the biggest single contributor to TWAS with US$2.5 million in total, plus a previous 1 million US dollars worth in donations."

Before this donation, Brazil was the largest contributor to the organization with US$2 million.

The fund will be funneled directly into the TWAS Council, which governs fellow programs, awards prizes and creates other initiatives, according to the TWAS president.

Also in Hu's speech, the president warned that today's unprecedented population growth and the accompanying growing pressure on the environment are creating a series of challenges. But he went on to state that he is confident that science and technology – especially when linked to innovation – can help us overcome these.

Since TWAS' establishment in 1983, China has maintained a very close relationship with the international organization. Three presidents of the Chinese Academy of Sciences have acted as vice president of TWAS during different terms. There are 169 TWAS fellows on the Chinese mainland and 42 Chinese scientists have been awarded by TWAS.

The academic organization will see its first Chinese president next year, after President of the Academy of Sciences Bai Chunli was elected as new head of TWAS for the 2013-2015 term?on Tuesday.

TWAS, known as the Third World Academy of Sciences until 2004, was founded in 1983 in Trieste, Italy. Its principal aim is to promote scientific power and quality for the creation of sustainable development in developing countries.