Li Buyun, born in 1933, is an honorary member of the Chinese Academy of Social Sciences and is regarded as an early advocate for the study of human rights in China. The prize named after him was launched by the Shanghai Institute of Finance and Law and is awarded annually to recognize outstanding contributions to Chinese legal studies, international legal scholarship, or legal education exchange. Each year, the prize honors one individual from China and one recipient from a foreign country, which can be either an individual or an organization.