Progress in science and technology in the 20th century have enormously raised living standards and increased human productivity. Progress in science and technology in the 21st century will certainly further accelerate such developments. It will, however, also bring forth new and difficult challenges for mankind. With foresight and generosity, Mr. Shaw has established the Shaw Prizes not only to promote scientific and technological developments, but further to help ensure that such developments will continue to benefit mankind. Tonight at this first ceremony we are here to witness the beginning of the annual award of Shaw Prizes which will surely become one of the great permanent institutions in the history of the world.